Allianz Asset Management GmbH Invests $262,000 in Argan, Inc. (NYSE:AGX)

Key Points

• Allianz Asset Management GmbH purchased a new stake in Argan, Inc. during Q1, acquiring 1,994 shares valued at approximately $262,000.
• Argan's quarterly earnings showed an EPS of $1.60, surpassing analyst expectations of $1.09, with a 22.8% increase in revenue year-over-year.
• The company recently announced a quarterly dividend of $0.375 per share, representing an annualized dividend of $1.50 with a yield of 0.7%.

Allianz Asset Management GmbH purchased a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,994 shares of the construction company's stock, valued at approximately $262,000.

Several other large investors have also recently made changes to their positions in AGX. Kestra Private Wealth Services LLC boosted its position in Argan by 21.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 2,621 shares of the construction company's stock valued at $344,000 after buying an additional 467 shares during the period. Hussman Strategic Advisors Inc. purchased a new stake in shares of Argan during the first quarter worth about $2,204,000. Ring Mountain Capital LLC purchased a new position in Argan during the 1st quarter valued at about $297,000. Forte Capital LLC ADV bought a new position in Argan during the 1st quarter valued at approximately $5,995,000. Finally, Victory Capital Management Inc. lifted its holdings in Argan by 106.2% in the 1st quarter. Victory Capital Management Inc. now owns 36,124 shares of the construction company's stock worth $4,738,000 after buying an additional 18,609 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Argan

In other news, Director James W. Quinn sold 40,000 shares of Argan stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $207.92, for a total value of $8,316,800.00. Following the sale, the director owned 16,557 shares in the company, valued at $3,442,531.44. This trade represents a 70.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer H. Bosselmann sold 13,728 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $221.58, for a total value of $3,041,850.24. Following the completion of the transaction, the director owned 196,723 shares in the company, valued at $43,589,882.34. The trade was a 6.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,564 shares of company stock worth $21,046,366 over the last ninety days. Corporate insiders own 6.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AGX. JPMorgan Chase & Co. began coverage on Argan in a research note on Monday, July 21st. They issued a "neutral" rating and a $220.00 target price for the company. Kepler Capital Markets cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. Finally, Lake Street Capital lifted their target price on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $202.00.

Argan Stock Up 4.4%

NYSE:AGX traded up $9.72 during mid-day trading on Tuesday, hitting $233.13. 347,716 shares of the company traded hands, compared to its average volume of 486,763. The stock's fifty day moving average price is $216.89 and its 200-day moving average price is $170.81. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 32.70 and a beta of 0.59. Argan, Inc. has a one year low of $68.53 and a one year high of $253.79.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.51. The company had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. Argan had a return on equity of 29.61% and a net margin of 11.00%. The firm's revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd were given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, July 23rd. Argan's dividend payout ratio is currently 21.04%.

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.