6,005 Shares in Argan, Inc. $AGX Purchased by Lisanti Capital Growth LLC

Key Points

• Lisanti Capital Growth LLC initiated a position in Argan by purchasing 6,005 shares valued at approximately $4.8 million. Institutional investors collectively own 79.43% of the company.
• Argan reported strong quarterly results, with EPS of $3.24 versus the $2.31 consensus estimate and revenue of $290.95 million, up 50.2% year over year.
• Shares opened at $527.74, down 4.6%, while insiders sold $87.6 million worth of stock over the past quarter. Analysts maintain a “Moderate Buy” consensus, with an average price target of $470.40.

Lisanti Capital Growth LLC acquired a new position in Argan, Inc. (NYSE:AGX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,005 shares of the construction company's stock, valued at approximately $4,795,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Western Wealth Management LLC bought a new position in shares of Argan in the 1st quarter worth approximately $25,000. Danske Bank A S bought a new stake in shares of Argan during the third quarter valued at approximately $27,000. Montag A & Associates Inc. bought a new stake in shares of Argan during the fourth quarter valued at approximately $30,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Argan in the fourth quarter worth $30,000. Finally, Hilton Head Capital Partners LLC purchased a new stake in Argan in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Argan Stock Down 4.6%

Argan stock opened at $527.74 on Thursday. Argan, Inc. has a twelve month low of $197.00 and a twelve month high of $805.75. The company has a market capitalization of $7.40 billion, a P/E ratio of 46.37 and a beta of 0.61. The stock's 50 day moving average is $638.19 and its 200 day moving average is $578.99.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The construction company reported $3.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.93. Argan had a return on equity of 36.89% and a net margin of 15.48%.The business had revenue of $290.95 million during the quarter, compared to analysts' expectations of $256.03 million. During the same quarter in the previous year, the business earned $1.60 earnings per share. The firm's quarterly revenue was up 50.2% compared to the same quarter last year. As a group, equities analysts expect that Argan, Inc. will post 12.6 EPS for the current year.

Argan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Thursday, July 23rd were paid a $0.50 dividend. The ex-dividend date was Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan's payout ratio is presently 17.57%.

Insider Buying and Selling

In other Argan news, Director Peter W. Getsinger sold 4,728 shares of Argan stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $708.65, for a total value of $3,350,497.20. Following the completion of the transaction, the director directly owned 6,880 shares of the company's stock, valued at approximately $4,875,512. The trade was a 40.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Ronald Jr. Jeffrey sold 5,716 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the completion of the transaction, the director owned 2,533 shares in the company, valued at approximately $1,468,228.12. This represents a 69.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 127,973 shares of company stock worth $87,554,828 over the last quarter. 2.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AGX has been the subject of several recent research reports. Zacks Research lowered Argan from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Weiss Ratings downgraded shares of Argan from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Lake Street Capital increased their price target on shares of Argan from $375.00 to $600.00 and gave the stock a "hold" rating in a research note on Friday, June 5th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $470.40.

Argan Company Profile

Argan, Inc NYSE: AGX is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company's principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source