Argan, Inc. $AGX Shares Acquired by Tidal Investments LLC

Key Points

• Tidal Investments increased its Argan stake by 166.8% in the second quarter, bringing its holdings to 17,921 shares valued at approximately $14.3 million. Institutional investors and hedge funds collectively own 79.43% of AGX.
• Argan reported strong quarterly results, with EPS of $3.76 versus the $2.64 consensus estimate and revenue of $383.98 million, up 61.5% year over year. The company also raised its quarterly dividend to $0.70 per share.
• Analyst sentiment is generally positive, with Argan carrying a “Moderate Buy” consensus rating and a $437.50 average price target, although targets range widely from $273 to $600. Meanwhile, insiders sold nearly $55.4 million of stock over the last quarter.

Tidal Investments LLC grew its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 166.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,921 shares of the construction company's stock after purchasing an additional 11,205 shares during the period. Tidal Investments LLC owned approximately 0.13% of Argan worth $14,311,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. California State Teachers Retirement System increased its position in Argan by 77,552.2% during the 2nd quarter. California State Teachers Retirement System now owns 12,498,905 shares of the construction company's stock valued at $9,981,001,000 after buying an additional 12,482,809 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Argan during the second quarter worth about $1,764,086,000. Maverick Capital Ltd. acquired a new position in shares of Argan during the fourth quarter valued at about $137,503,000. First Trust Advisors LP increased its holdings in shares of Argan by 32.1% during the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company's stock valued at $431,010,000 after acquiring an additional 192,204 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Argan in the 2nd quarter valued at approximately $131,878,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Argan Price Performance

NYSE:AGX opened at $414.07 on Friday. The firm has a market capitalization of $5.81 billion, a P/E ratio of 32.76, a PEG ratio of 2.92 and a beta of 0.57. Argan, Inc. has a 1-year low of $227.79 and a 1-year high of $805.75. The company's fifty day moving average price is $538.95 and its 200-day moving average price is $583.23.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $1.12. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm had revenue of $383.98 million during the quarter, compared to analysts' expectations of $300.53 million. During the same quarter last year, the company posted $2.50 earnings per share. The firm's revenue was up 61.5% compared to the same quarter last year. Equities analysts anticipate that Argan, Inc. will post 13.56 EPS for the current fiscal year.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 22nd will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, October 22nd. This is an increase from Argan's previous quarterly dividend of $0.50. Argan's dividend payout ratio (DPR) is 15.82%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AGX. Lake Street Capital upgraded shares of Argan from a "hold" rating to a "buy" rating and set a $600.00 price target on the stock in a research note on Thursday, September 3rd. Freedom Broker raised shares of Argan from a "hold" rating to a "strong-buy" rating in a report on Friday, September 4th. Piper Sandler started coverage on Argan in a research report on Tuesday. They issued an "underweight" rating and a $273.00 target price on the stock. Weiss Ratings raised Argan from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, August 27th. Finally, Wall Street Zen upgraded Argan from a "hold" rating to a "buy" rating in a research note on Saturday, September 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Argan presently has an average rating of "Moderate Buy" and a consensus price target of $437.50.

Insiders Place Their Bets

In related news, Director John Jeffrey, Jr. sold 5,716 shares of Argan stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the completion of the transaction, the director directly owned 2,533 shares in the company, valued at approximately $1,468,228.12. This trade represents a 69.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 4,728 shares of Argan stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $708.65, for a total value of $3,350,497.20. Following the transaction, the director owned 6,880 shares of the company's stock, valued at approximately $4,875,512. This represents a 40.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 77,973 shares of company stock worth $55,381,828. 2.99% of the stock is currently owned by company insiders.

Argan Company Profile

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.

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