Allspring Global Investments Holdings LLC Buys 50,230 Shares of Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC increased its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 273.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 68,628 shares of the construction company's stock after purchasing 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 reporting period.

Several other large investors have also made changes to their positions in AGX. Bank of New York Mellon Corp lifted its position in shares of Argan by 80.3% during the 4th quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company's stock worth $25,549,000 after purchasing an additional 83,039 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Argan by 28.5% in the 4th quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock worth $2,400,000 after acquiring an additional 3,880 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Argan in the 4th quarter worth approximately $2,272,000. Arizona State Retirement System lifted its position in shares of Argan by 7.2% in the 4th quarter. Arizona State Retirement System now owns 3,917 shares of the construction company's stock worth $537,000 after acquiring an additional 263 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Argan in the 4th quarter worth approximately $8,002,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Activity

In other Argan news, Director Cynthia Flanders sold 15,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $220.47, for a total value of $3,307,050.00. Following the transaction, the director directly owned 33,428 shares in the company, valued at approximately $7,369,871.16. This trade represents a 30.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 7,604 shares of the firm's stock in a transaction on Monday, June 30th. The stock was 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 $11,242,711.08. This represents a 13.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,696 shares of company stock worth $19,291,140. 6.69% of the stock is currently owned by insiders.

Argan Stock Down 3.4%

AGX stock traded down $7.20 during midday trading on Tuesday, reaching $202.30. 302,768 shares of the company's stock traded hands, compared to its average volume of 352,503. The company has a 50-day simple moving average of $199.44 and a two-hundred day simple moving average of $160.95. Argan, Inc. has a 1-year low of $63.53 and a 1-year high of $246.60. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 28.37 and a beta of 0.54.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share 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 firm 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 EPS. The business's revenue was up 22.8% on a year-over-year basis.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd will be issued a dividend of $0.375 per share. The ex-dividend date is Wednesday, July 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 0.74%. Argan's dividend payout ratio is 21.04%.

Analysts Set New Price Targets

A number of analysts have commented on AGX shares. Lake Street Capital raised their price objective on Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Kepler Capital Markets lowered shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 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.