Versor Investments LP Has $420,000 Stock Holdings in Argan, Inc. $AGX

Key Points

• Versor Investments LP reduced its stake in Argan, Inc. by 35.8%, bringing its holdings down to 3,203 shares valued at approximately $420,000.
• Argan reported a 22.8% year-over-year revenue increase, posting $193.66 million and exceeding EPS estimates by 51 cents during its last quarterly earnings.
• The company also announced a quarterly dividend of $0.375 per share, resulting in an annualized yield of 0.7%.

Versor Investments LP lessened its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 35.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,203 shares of the construction company's stock after selling 1,788 shares during the period. Versor Investments LP's holdings in Argan were worth $420,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. City Center Advisors LLC purchased a new stake in shares of Argan during the first quarter worth $223,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Argan by 26.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,977 shares of the construction company's stock worth $522,000 after acquiring an additional 839 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Argan by 11,180.0% during the first quarter. GAMMA Investing LLC now owns 5,640 shares of the construction company's stock worth $7,400,000 after acquiring an additional 5,590 shares in the last quarter. Sierra Summit Advisors LLC purchased a new stake in shares of Argan during the first quarter worth $667,000. Finally, SG Americas Securities LLC raised its holdings in shares of Argan by 362.2% during the first quarter. SG Americas Securities LLC now owns 4,969 shares of the construction company's stock worth $652,000 after acquiring an additional 3,894 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AGX has been the subject of several recent research reports. Lake Street Capital increased their price objective on Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. Kepler Capital Markets lowered Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. Wall Street Zen lowered Argan from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, JPMorgan Chase & Co. initiated coverage on Argan in a report on Monday, July 21st. They set a "neutral" rating and a $220.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Argan currently has an average rating of "Hold" and an average target price of $202.00.

Insider Buying and Selling

In other news, Director John Ronald Jr. Jeffrey sold 2,621 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $2,180,520.02. This trade represents a 22.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Cynthia Flanders sold 2,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $234.56, for a total value of $469,120.00. Following the completion of the sale, the director directly owned 31,428 shares in the company, valued at approximately $7,371,751.68. This represents a 5.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,564 shares of company stock valued at $21,046,366 in the last quarter. Insiders own 6.69% of the company's stock.

Argan Trading Up 1.9%

NYSE AGX traded up $4.0530 during trading on Friday, hitting $222.3430. 258,940 shares of the company traded hands, compared to its average volume of 371,031. Argan, Inc. has a 12 month low of $69.81 and a 12 month high of $253.79. The business has a fifty day simple moving average of $218.89 and a 200 day simple moving average of $177.52. The company has a market capitalization of $3.03 billion, a P/E ratio of 31.18 and a beta of 0.59.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.51. The company had revenue of $193.66 million for the quarter, compared to the consensus estimate of $193.75 million. Argan had a return on equity of 29.61% and a net margin of 11.00%.The firm's revenue was up 22.8% compared to the same quarter last year. During the same period last year, the business posted $0.58 earnings per share.

Argan Dividend Announcement

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

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.