Allspring Global Investments Holdings LLC Boosts Stake in Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC raised its position in Argan, Inc. (NYSE:AGX - Free Report) by 273.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,628 shares of the construction company's stock after buying an additional 50,230 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.50% of Argan worth $9,226,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC acquired a new stake in shares of Argan in the 4th quarter valued at about $32,000. McIlrath & Eck LLC raised its stake in shares of Argan by 419.4% in the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company's stock valued at $51,000 after purchasing an additional 302 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Argan in the 4th quarter valued at about $57,000. Federated Hermes Inc. raised its stake in shares of Argan by 1,123.5% in the 4th quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock valued at $57,000 after purchasing an additional 382 shares in the last quarter. Finally, Amundi raised its stake in shares of Argan by 8.6% in the 4th quarter. Amundi now owns 859 shares of the construction company's stock valued at $118,000 after purchasing an additional 68 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Argan news, Director William F. Leimkuhler sold 7,604 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $222.03, for a total value of $1,688,316.12. Following the completion of the transaction, the director owned 50,636 shares in the company, valued at approximately $11,242,711.08. This represents a 13.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James W. Quinn sold 40,000 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $207.92, for a total transaction of $8,316,800.00. Following the completion of the transaction, the director owned 16,557 shares of the company's stock, valued at approximately $3,442,531.44. This trade represents a 70.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,696 shares of company stock valued at $19,291,140 over the last quarter. Corporate insiders own 6.69% of the company's stock.

Argan Stock Up 1.7%

AGX opened at $209.65 on Friday. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 29.40 and a beta of 0.54. Argan, Inc. has a fifty-two week low of $63.53 and a fifty-two week high of $246.60. The company's 50-day moving average price is $197.12 and its 200 day moving average price is $159.73.

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 for the quarter, topping the consensus estimate of $1.09 by $0.51. The firm had revenue of $193.66 million for the quarter, compared to analyst estimates of $193.75 million. Argan had a net margin of 11.00% and a return on equity of 29.61%. Argan's quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share.

Argan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd will be paid a dividend of $0.375 per share. The ex-dividend date is Wednesday, July 23rd. This represents a $1.50 annualized dividend and a yield of 0.72%. Argan's dividend payout ratio (DPR) is 21.04%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AGX shares. Lake Street Capital upped their target price on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Kepler Capital Markets lowered shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th.

Argan 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.

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