Argan (NYSE:AGX) Sees Unusually-High Trading Volume

Posted by Defense World Staff on Jun 2nd, 2023

Argan, Inc. (NYSE:AGX – Get Rating) shares saw an uptick in trading volume on Wednesday . 43,091 shares changed hands during trading, a decline of 33% from the previous session’s volume of 64,696 shares.The stock last traded at $41.36 and had previously closed at $41.13.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Argan in a report on Thursday, May 18th. They issued a “buy” rating for the company.

Argan Trading Down 1.6 %

The firm has a market cap of $534.25 million, a price-to-earnings ratio of 16.87 and a beta of 0.63. The firm’s fifty day moving average price is $40.34 and its 200-day moving average price is $38.94.

Argan (NYSE:AGX – Get Rating) last announced its quarterly earnings results on Wednesday, April 12th. The construction company reported $1.00 earnings per share (EPS) for the quarter. Argan had a net margin of 7.27% and a return on equity of 11.70%. The business had revenue of $118.78 million during the quarter.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Thursday, April 20th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, April 19th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.51%. Argan’s dividend payout ratio is currently 42.37%.

Institutional Trading of Argan

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Argan by 7.2% in the first quarter. State Street Corp now owns 401,622 shares of the construction company’s stock worth $16,254,000 after purchasing an additional 26,993 shares during the period. Squarepoint Ops LLC acquired a new stake in Argan during the 1st quarter worth about $468,000. First Trust Advisors LP grew its stake in shares of Argan by 10.7% in the 1st quarter. First Trust Advisors LP now owns 121,871 shares of the construction company’s stock valued at $4,932,000 after buying an additional 11,754 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Argan by 3.2% in the 1st quarter. Geode Capital Management LLC now owns 255,075 shares of the construction company’s stock valued at $10,323,000 after buying an additional 7,945 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Argan by 35.1% in the 1st quarter. Deutsche Bank AG now owns 8,053 shares of the construction company’s stock valued at $326,000 after buying an additional 2,093 shares in the last quarter. Institutional investors own 83.84% of the company’s stock.

About Argan

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Argan, Inc is a construction company, which engages in the operations of its wholly owned subsidiaries. It operates through the following business segments: Power Industry Services, Telecommunications Infrastructure Services, and Industrial Fabrication and Field Services. The Power Industry Services segment includes engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market.