Argan, Inc. (NYSE:AGX) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. lowered its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 38.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,830 shares of the construction company's stock after selling 14,959 shares during the quarter. Ameriprise Financial Inc. owned 0.18% of Argan worth $3,266,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Spire Wealth Management acquired a new position in shares of Argan during the 4th quarter worth about $26,000. Farther Finance Advisors LLC bought a new position in Argan in the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC bought a new stake in Argan during the 4th quarter worth $35,000. Truvestments Capital LLC acquired a new stake in Argan during the 4th quarter worth approximately $57,000. Finally, Federated Hermes Inc. grew its stake in shares of Argan by 1,123.5% in the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after purchasing an additional 382 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Lake Street Capital raised shares of Argan from a "hold" rating to a "buy" rating and set a $150.00 price target on the stock in a research report on Friday, March 28th.

Insider Activity at Argan

In other Argan news, CFO Richard H. Deily sold 1,565 shares of the company's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total value of $238,380.80. Following the transaction, the chief financial officer now owns 7,802 shares of the company's stock, valued at $1,188,400.64. This represents a 16.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter W. Getsinger sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the sale, the director now directly owns 11,496 shares of the company's stock, valued at $1,667,264.88. The trade was a 30.31% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,857 shares of company stock worth $1,308,133. Corporate insiders own 6.69% of the company's stock.

Argan Stock Performance

AGX traded down $1.99 on Thursday, reaching $207.70. The company had a trading volume of 413,189 shares, compared to its average volume of 323,238. The business has a 50 day simple moving average of $155.76 and a 200 day simple moving average of $148.11. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 43.45 and a beta of 0.42. Argan, Inc. has a 52-week low of $63.53 and a 52-week high of $217.50.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $1.07. The firm had revenue of $232.47 million for the quarter, compared to analysts' expectations of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. Argan's revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.72%. Argan's dividend payout ratio (DPR) is 24.55%.

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.