Hussman Strategic Advisors Inc. acquired a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 16,800 shares of the construction company's stock, valued at approximately $2,204,000. Hussman Strategic Advisors Inc. owned approximately 0.12% of Argan as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Argan by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company's stock valued at $115,605,000 after purchasing an additional 16,784 shares during the last quarter. Renaissance Technologies LLC boosted its position in Argan by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after purchasing an additional 116,783 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Argan by 5.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 529,052 shares of the construction company's stock valued at $72,502,000 after purchasing an additional 29,062 shares during the last quarter. American Century Companies Inc. boosted its position in Argan by 18.1% during the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after purchasing an additional 73,654 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Argan by 37.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock valued at $40,475,000 after purchasing an additional 80,844 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently commented on AGX. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. Lake Street Capital increased their price target on Argan from $150.00 to $236.00 and gave the company a "buy" rating in a research report on Thursday, June 5th. Finally, JPMorgan Chase & Co. began coverage on Argan in a research report on Monday. They set a "neutral" rating and a $220.00 price target for the company. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Argan currently has an average rating of "Hold" and a consensus target price of $202.00.
Read Our Latest Stock Analysis on AGX
Argan Trading Up 2.2%
Shares of AGX traded up $4.57 during mid-day trading on Monday, reaching $211.20. The company's stock had a trading volume of 113,456 shares, compared to its average volume of 359,394. Argan, Inc. has a 1-year low of $63.53 and a 1-year high of $246.60. The stock has a market cap of $2.88 billion, a P/E ratio of 29.62 and a beta of 0.54. The business has a 50-day simple moving average of $207.94 and a two-hundred day simple moving average of $165.33.
Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.51. Argan had a return on equity of 29.61% and a net margin of 11.00%. The company had revenue of $193.66 million during the quarter, compared to analysts' expectations of $193.75 million. During the same period last year, the firm posted $0.58 earnings per share. The business's revenue was up 22.8% on a year-over-year basis.
Argan Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Wednesday, July 23rd will be issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Wednesday, July 23rd. Argan's dividend payout ratio is presently 21.04%.
Insider Activity at Argan
In related news, Director William F. Leimkuhler sold 7,604 shares of Argan stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $222.03, for a total transaction of $1,688,316.12. Following the completion of the sale, the director directly owned 50,636 shares of the company's stock, valued at approximately $11,242,711.08. This trade represents a 13.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rainer H. Bosselmann sold 13,728 shares of Argan stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $221.58, for a total value of $3,041,850.24. Following the sale, the director directly owned 196,723 shares of the company's stock, valued at approximately $43,589,882.34. The trade was a 6.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,404 shares of company stock valued at $18,221,387. Insiders own 6.69% of the company's stock.
About Argan
(
Free Report)
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.
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