Anson Funds Management LP Buys 1,741 Shares of Argan, Inc. $AGX

Key Points

• Anson Funds Management LP increased its stake in Argan, Inc. by 6.9% in Q1, now holding approximately 0.20% of the company valued at $3.56 million.
• Argan has reported $2.50 earnings per share for the quarter, surpassing estimates, and will increase its quarterly dividend from $0.38 to $0.50.
• Several analysts have upgraded their ratings on Argan, with a notable price target increase from $236.00 to $260.00 by Lake Street Capital.

Anson Funds Management LP lifted its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,128 shares of the construction company's stock after buying an additional 1,741 shares during the period. Anson Funds Management LP owned about 0.20% of Argan worth $3,558,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of AGX. Larson Financial Group LLC boosted its position in Argan by 2,987.5% during the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock valued at $32,000 after purchasing an additional 239 shares during the last quarter. McIlrath & Eck LLC boosted its position in Argan by 419.4% during the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company's stock valued at $51,000 after purchasing an additional 302 shares during the last quarter. State of Wyoming acquired a new stake in Argan during the first quarter valued at $109,000. Caitong International Asset Management Co. Ltd boosted its position in Argan by 16,640.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company's stock valued at $110,000 after purchasing an additional 832 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Argan by 12.7% during the first quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock valued at $139,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Buying and Selling

In other news, Director John Ronald Jr. Jeffrey sold 2,621 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $235.63, for a total value of $617,586.23. Following the sale, the director directly owned 9,254 shares in the company, valued at approximately $2,180,520.02. This represents a 22.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Charles Edwin Iv Collins sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $245.00, for a total value of $1,225,000.00. Following the completion of the sale, the chief executive officer owned 14,506 shares in the company, valued at approximately $3,553,970. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,836 shares of company stock worth $6,380,666. Insiders own 6.69% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Lake Street Capital lifted their price objective on Argan from $236.00 to $260.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. JPMorgan Chase & Co. started coverage on Argan in a research report on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective for the company. Finally, Wall Street Zen upgraded Argan from a "hold" rating to a "buy" rating in a report on Friday, September 5th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $210.00.

Argan Trading Up 0.3%

AGX traded up $0.72 on Tuesday, hitting $239.47. 88,342 shares of the stock traded hands, compared to its average volume of 431,541. Argan, Inc. has a 52 week low of $87.79 and a 52 week high of $253.79. The firm has a market capitalization of $3.31 billion, a PE ratio of 28.78 and a beta of 0.62. The business has a fifty day moving average price of $224.18 and a two-hundred day moving average price of $187.18.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.51. Argan had a return on equity of 32.61% and a net margin of 12.73%.The firm had revenue of $237.74 million for the quarter, compared to analyst estimates of $243.97 million. During the same period in the previous year, the company posted $1.31 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be paid a $0.50 dividend. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 0.8%. This is an increase from Argan's previous quarterly dividend of $0.38. Argan's dividend payout ratio is currently 18.03%.

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.