Argan, Inc. $AGX Shares Sold by Bosun Asset Management LLC

Key Points

• Bosun Asset Management LLC reduced its stake in Argan, Inc. by 11.1%, leaving it with 49,972 shares, accounting for 2.8% of its investment portfolio.
• Argan reported a quarterly earnings per share (EPS) of $1.60, exceeding analysts' estimates by $0.51, and achieved a 22.8% revenue increase year-over-year.
• The company's stock is currently rated as a "Hold" by analysts, with a consensus price target of $202.00, following various adjustments in ratings from different research firms.

Bosun Asset Management LLC lessened its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,972 shares of the construction company's stock after selling 6,227 shares during the quarter. Argan accounts for 2.8% of Bosun Asset Management LLC's investment portfolio, making the stock its 3rd biggest position. Bosun Asset Management LLC owned 0.37% of Argan worth $6,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC grew its position in Argan by 2,987.5% in the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock valued at $32,000 after acquiring an additional 239 shares in the last quarter. McIlrath & Eck LLC boosted its position in 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 buying an additional 302 shares during the last quarter. State of Wyoming acquired a new stake in shares of Argan during the first quarter valued at about $109,000. Caitong International Asset Management Co. Ltd increased its position in shares of 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 worth $110,000 after acquiring an additional 832 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Argan by 12.7% in the first quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock worth $139,000 after acquiring an additional 119 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Price Performance

AGX opened at $227.23 on Thursday. The business has a 50 day moving average price of $222.05 and a two-hundred day moving average price of $181.51. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 31.87 and a beta of 0.62. Argan, Inc. has a 1-year low of $69.81 and a 1-year high of $253.79.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, topping 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 company had revenue of $193.66 million for the quarter, compared to the consensus estimate of $193.75 million. During the same quarter in the previous year, the business earned $0.58 EPS. The company's quarterly revenue was up 22.8% compared to the same quarter last year.

Argan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 23rd were given a dividend of $0.375 per share. The ex-dividend date was Wednesday, July 23rd. This represents a $1.50 annualized dividend and a dividend yield of 0.7%. Argan's dividend payout ratio (DPR) is 21.04%.

Insider Buying and Selling

In other news, Director Cynthia Flanders sold 15,000 shares of Argan stock in a transaction that occurred on Thursday, June 12th. The shares were 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 of the company's stock, valued at $7,369,871.16. This trade represents a 30.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rainer H. Bosselmann sold 13,728 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $221.58, for a total transaction of $3,041,850.24. Following the completion of the sale, the director owned 196,723 shares of the company's stock, valued at approximately $43,589,882.34. This trade represents a 6.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,564 shares of company stock worth $21,046,366. 6.69% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on AGX shares. JPMorgan Chase & Co. began coverage on Argan in a report on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective on the stock. Lake Street Capital lifted their price target on shares of Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. Kepler Capital Markets downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th. Finally, Wall Street Zen downgraded shares of Argan from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $202.00.

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.

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