Argan, Inc. (NYSE:AGX) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its stake in Argan, Inc. (NYSE:AGX - Free Report) by 72.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,470 shares of the construction company's stock after selling 3,910 shares during the quarter. Hsbc Holdings PLC's holdings in Argan were worth $202,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Spire Wealth Management purchased a new position in shares of Argan in the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC acquired a new stake in Argan during the 4th quarter worth approximately $32,000. Global Retirement Partners LLC purchased a new position in Argan in the 4th quarter valued at approximately $35,000. Truvestments Capital LLC acquired a new position in shares of Argan in the fourth quarter worth $57,000. Finally, Federated Hermes Inc. increased its position in shares of Argan by 1,123.5% during the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after acquiring an additional 382 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Stock Down 0.7 %

Shares of Argan stock opened at $169.91 on Friday. Argan, Inc. has a 52-week low of $63.53 and a 52-week high of $191.46. The company has a market capitalization of $2.32 billion, a P/E ratio of 35.55 and a beta of 0.42. The company has a 50 day moving average of $136.32 and a 200 day moving average of $143.38.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Thursday, March 27th. The construction company reported $2.22 EPS 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 firm had revenue of $232.47 million during the quarter, compared to the consensus estimate of $197.50 million. The company's revenue was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Tuesday, April 22nd. Argan's dividend payout ratio (DPR) is presently 24.55%.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 5,000 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following the transaction, the director now directly owns 11,496 shares of the company's stock, valued at $1,667,264.88. This trade represents a 30.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Richard H. Deily sold 1,565 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total transaction of $238,380.80. Following the completion of the sale, the chief financial officer now directly owns 7,802 shares of the company's stock, valued at approximately $1,188,400.64. This trade represents a 16.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,857 shares of company stock worth $1,308,133 over the last 90 days. 11.85% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.

Want to see what other hedge funds are holding AGX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Argan, Inc. (NYSE:AGX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.