Argan, Inc. $AGX Stake Boosted by Amundi

Key Points

• Amundi increased its Argan stake by 704% in the second quarter, purchasing 16,214 additional shares and bringing its holdings to 18,517 shares. Institutional investors now own 79.43% of AGX.
• Argan reported quarterly EPS of $3.76, beating estimates by $1.12, while revenue rose 61.5% year over year to $383.98 million. The company also increased its quarterly dividend from $0.50 to $0.70 per share.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $437.50 price target, although insiders sold 77,973 shares worth approximately $55.4 million over the past quarter.

Amundi lifted its position in Argan, Inc. (NYSE:AGX - Free Report) by 704.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,517 shares of the construction company's stock after buying an additional 16,214 shares during the quarter. Amundi owned about 0.13% of Argan worth $14,787,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in Argan by 2.0% during the first quarter. International Assets Investment Management LLC now owns 775 shares of the construction company's stock valued at $443,000 after acquiring an additional 15 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Argan by 5.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company's stock valued at $170,000 after purchasing an additional 30 shares in the last quarter. Baader Bank Aktiengesellschaft raised its stake in Argan by 0.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 5,030 shares of the construction company's stock worth $2,734,000 after acquiring an additional 30 shares in the last quarter. National Bank of Canada FI boosted its position in Argan by 26.7% in the third quarter. National Bank of Canada FI now owns 147 shares of the construction company's stock valued at $40,000 after buying an additional 31 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Argan during the 1st quarter worth approximately $25,000. 79.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AGX has been the topic of several research reports. Freedom Broker raised Argan from a "hold" rating to a "strong-buy" rating in a report on Friday, September 4th. Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $600.00 price target for the company in a report on Thursday, September 3rd. Zacks Research lowered Argan from a "strong-buy" rating to a "hold" rating in a report on Friday, August 7th. Weiss Ratings upgraded Argan from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, August 27th. Finally, Piper Sandler began coverage on shares of Argan in a report on Tuesday. They set an "underweight" rating and a $273.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Argan currently has an average rating of "Moderate Buy" and a consensus price target of $437.50.

Insider Buying and Selling at Argan

In related news, Chairman William Griffin, Jr. sold 20,000 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $760.43, for a total value of $15,208,600.00. Following the sale, the chairman directly owned 40,976 shares of the company's stock, valued at $31,159,379.68. This trade represents a 32.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Joshua Baugher sold 760 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $733.30, for a total value of $557,308.00. Following the completion of the sale, the chief financial officer directly owned 1,479 shares in the company, valued at $1,084,550.70. This trade represents a 33.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,973 shares of company stock worth $55,381,828 over the last quarter. 2.99% of the stock is currently owned by company insiders.

Argan Trading Up 4.5%

NYSE AGX opened at $414.07 on Friday. The firm's 50 day simple moving average is $538.95 and its 200 day simple moving average is $583.23. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 32.76, a P/E/G 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.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating the consensus estimate of $2.64 by $1.12. The business had revenue of $383.98 million during the quarter, compared to the consensus estimate of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The company's revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.50 earnings per share. On average, equities research analysts forecast that Argan, Inc. will post 13.56 earnings per share for the current year.

Argan Increases Dividend

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

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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