New York, January 16, 2026, 11:33 ET — Regular session
- Argan shares jumped almost 14% in late morning trading, adding to a turbulent week for the small-cap contractor
- SEC filings revealed that one director sold shares this week, and another reported a significant option exercise
- A Rule 144 notice pointed to a share sale planned for around Jan. 20; investors are also eyeing a Jan. 22 dividend record date.
Argan, Inc. shares surged almost 14% on Friday, climbing $45.69 to hit $375.35 in late morning trading. The NYSE-listed contractor bounced back from an early low of $330.34, closing in on its session peak.
Why it matters now: the rally arrives alongside new insider-trading disclosures, just as Argan faces a packed calendar — dividend deadlines, possible insider sales, and the typical year-end positioning for a stock that’s been volatile on sparse news.
The filings alone don’t clarify Friday’s surge, but they offer fresh clues for traders tracking the stock’s momentum and guessing how much insider stock might hit the market.
A Form 4 revealed director William F. Leimkuhler offloaded 2,164 shares on Jan. 12 at an average price of $318.28, then moved another 4,212 shares on Jan. 13, averaging $320.53 each. The total proceeds come to about $2.0 million, based on those disclosed averages. 1
A separate Form 4 filing revealed that director Cynthia A. Flanders exercised stock options on Jan. 13, opting for a “net settle” approach that withholds shares to pay exercise costs and taxes. The document reported 26,079 shares issued from four option exercises, leaving her with 45,207 shares in total after these moves. 2
Separately, a Form 144 filing — the SEC notice used when an affiliate plans to sell stock under Rule 144 — revealed a proposed sale of up to 19,000 Argan shares via Merrill Lynch, targeting Jan. 20 for the transaction. The filing noted these shares originated from a stock option deal involving 26,079 shares, which were settled “cashless” on Jan. 14. 3
Argan plans to pay a quarterly dividend of $0.50 per share on Jan. 30, for shareholders recorded as of Jan. 22. CEO David Watson emphasized that the dividend remains a “key tenet” of the company’s capital allocation approach. 4
Argan’s biggest fundamental support for bulls has been its contracted work. In its latest quarterly report, the company disclosed a project backlog of roughly $3.0 billion as of Oct. 31 — that is, signed contracts yet to be executed — alongside $726.8 million in cash, cash equivalents, and investments. Watson noted the fresh backlog included new gas-fired projects in Texas and highlighted a “significant urgency” to build combined-cycle plants to keep up with rising power demand. 5
Argan’s stock is a double-edged sword. Its business depends on a few big projects, where timing, permits, and client choices can send quarterly results spinning. Add in any sign of increased insider selling, and the volatility spikes, especially when the market’s already on edge.
Investors are keeping an eye on whether the proposed Rule 144 sale happens near Jan. 20, and how the stock behaves ahead of the Jan. 22 record date for the dividend, which pays out on Jan. 30. After that, the next key trigger will probably be any announcement of a new project award or notice-to-proceed that shifts backlog forecasts.
