Argan (NYSE:AGX) Reaches New 12-Month High – Still a Buy?

Argan, Inc. (NYSE:AGX) shares hit a new 52-week high on Tuesday . The company traded as high as $476.00 and last traded at $473.8450, with a volume of 55526 shares trading hands. The stock had previously closed at $466.38.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. CJS Securities raised Argan to a “hold” rating in a research report on Thursday, December 11th. Glj Research raised shares of Argan from a “hold” rating to a “buy” rating and increased their price target for the stock from $251.00 to $369.00 in a research report on Monday, November 10th. The Goldman Sachs Group started coverage on shares of Argan in a report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 price target for the company. Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a report on Wednesday, December 24th. Finally, Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $355.20.

Argan Stock Performance

The company has a market capitalization of $6.59 billion, a PE ratio of 55.81 and a beta of 0.57. The stock has a 50 day moving average price of $380.21 and a two-hundred day moving average price of $324.89.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Thursday, January 22nd were paid a $0.50 dividend. The ex-dividend date was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan’s dividend payout ratio (DPR) is presently 23.56%.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 6,595 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $313.71, for a total transaction of $2,068,917.45. Following the completion of the transaction, the director owned 7,847 shares of the company’s stock, valued at approximately $2,461,682.37. The trade was a 45.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 11,044 shares of the stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director owned 49,939 shares of the company’s stock, valued at approximately $18,934,371.85. The trade was a 18.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 55,915 shares of company stock valued at $20,182,794 in the last quarter. Insiders own 6.69% of the company’s stock.

Hedge Funds Weigh In On Argan

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd acquired a new position in Argan during the third quarter worth $25,000. Danske Bank A S bought a new stake in shares of Argan during the third quarter valued at approximately $27,000. Montag A & Associates Inc. acquired a new stake in shares of Argan in the 4th quarter valued at $30,000. University of Texas Texas AM Investment Management Co. bought a new stake in Argan during the 4th quarter worth about $30,000. Finally, Hilton Head Capital Partners LLC bought a new position in Argan in the fourth quarter valued at approximately $31,000. 79.43% of the stock is owned by institutional investors.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.