Algert Global LLC Acquires Shares of 5,160 Argan, Inc. (NYSE:AGX)

Algert Global LLC bought a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 5,160 shares of the construction company's stock, valued at approximately $707,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Spire Wealth Management acquired a new stake in shares of Argan during the fourth quarter valued at $26,000. Farther Finance Advisors LLC acquired a new stake in shares of Argan during the 4th quarter worth about $32,000. Global Retirement Partners LLC purchased a new stake in shares of Argan during the fourth quarter worth about $35,000. Truvestments Capital LLC purchased a new stake in shares of Argan during the fourth quarter worth about $57,000. Finally, Federated Hermes Inc. raised its position in shares of Argan by 1,123.5% in the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock valued at $57,000 after buying an additional 382 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Buying and Selling at Argan

In other news, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total value of $238,380.80. Following the transaction, the chief financial officer now directly owns 7,802 shares of the company's stock, valued at $1,188,400.64. The trade was a 16.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter W. Getsinger sold 5,000 shares of the business's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total value of $725,150.00. Following the sale, the director now owns 11,496 shares of the company's stock, valued at $1,667,264.88. The trade was a 30.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,857 shares of company stock valued at $1,308,133. Company insiders own 11.85% of the company's stock.

Argan Stock Up 2.8%

Shares of AGX stock traded up $4.80 during trading hours on Tuesday, hitting $175.41. 274,899 shares of the company were exchanged, compared to its average volume of 310,167. The firm has a fifty day moving average of $137.21 and a 200 day moving average of $143.84. Argan, Inc. has a 1 year low of $63.53 and a 1 year high of $191.46. The firm has a market cap of $2.39 billion, a PE ratio of 36.70 and a beta of 0.42.

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

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd were issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Tuesday, April 22nd. Argan's payout ratio is currently 24.55%.

Wall Street Analyst Weigh In

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

Argan Profile

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.