Bridgefront Capital LLC Takes $237,000 Position in Argan, Inc. (NYSE:AGX)

Bridgefront Capital LLC acquired a new stake in Argan, Inc. (NYSE:AGX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,726 shares of the construction company's stock, valued at approximately $237,000.

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

Insider Activity

In related news, CFO Richard H. Deily sold 1,565 shares of the company's stock in a transaction on 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. This represents a 16.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter W. Getsinger sold 2,292 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $150.35, for a total transaction of $344,602.20. Following the completion of the transaction, the director now owns 9,500 shares in the company, valued at approximately $1,428,325. This trade represents a 19.44% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,857 shares of company stock worth $1,308,133. 11.85% of the stock is currently owned by company insiders.

Argan Trading Up 2.8%

Shares of AGX stock traded up $4.80 during trading hours on Tuesday, reaching $175.41. 274,844 shares of the stock were exchanged, compared to its average volume of 424,857. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 36.70 and a beta of 0.42. Argan, Inc. has a 12-month low of $63.53 and a 12-month high of $191.46. The company's 50-day moving average price is $137.21 and its 200-day moving average price is $143.84.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly 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 for the quarter, compared to analysts' expectations of $197.50 million. The firm's revenue was up 41.3% on a year-over-year basis.

Argan Dividend Announcement

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

Wall Street Analysts Forecast Growth

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 Company 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.