Advisory Services Network LLC Makes New Investment in Argan, Inc. (NYSE:AGX)

Advisory Services Network LLC purchased a new stake in Argan, Inc. (NYSE:AGX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,098 shares of the construction company's stock, valued at approximately $287,000.

A number of other hedge funds have also modified their holdings of the company. Abacus FCF Advisors LLC raised its holdings in Argan by 46.5% during the 4th quarter. Abacus FCF Advisors LLC now owns 42,572 shares of the construction company's stock worth $5,834,000 after buying an additional 13,516 shares during the period. Renaissance Technologies LLC boosted its position in shares of Argan by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock worth $92,170,000 after buying an additional 116,783 shares during the period. Legal & General Group Plc grew its holdings in shares of Argan by 2.1% during the fourth quarter. Legal & General Group Plc now owns 15,708 shares of the construction company's stock worth $2,153,000 after buying an additional 319 shares in the last quarter. Polymer Capital Management US LLC acquired a new stake in Argan in the 4th quarter valued at approximately $227,000. Finally, Cerity Partners LLC boosted its position in Argan by 3.7% during the 4th quarter. Cerity Partners LLC now owns 4,042 shares of the construction company's stock worth $545,000 after acquiring an additional 144 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised shares of Argan from a "hold" rating to a "buy" rating and set a $150.00 price target on the stock in a research report on Friday, March 28th.

Argan Stock Up 3.4 %

Shares of NYSE AGX traded up $4.75 during midday trading on Thursday, hitting $146.11. 55,091 shares of the company's stock were exchanged, compared to its average volume of 298,504. The firm has a market capitalization of $1.99 billion, a PE ratio of 30.44 and a beta of 0.45. Argan, Inc. has a 12 month low of $60.03 and a 12 month high of $191.46. The company's 50 day moving average price is $129.74 and its 200 day moving average price is $139.83.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 EPS for the quarter, beating the consensus estimate of $1.15 by $1.07. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. The firm's quarterly revenue was up 41.3% on a year-over-year basis.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Tuesday, April 22nd. Argan's dividend payout ratio is 24.55%.

Insider Activity

In related news, Director Peter W. Getsinger sold 2,292 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $150.35, for a total value of $344,602.20. Following the completion of the transaction, the director now owns 9,500 shares of the company's stock, valued at $1,428,325. The trade was a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.85% of the stock is currently owned by company insiders.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.