Argan, Inc. $AGX Stock: Inspire Investing LLC Increases Stake

Key Points

• Inspire Investing increased its Argan stake by 838.1% in the third quarter, bringing its holdings to 8,077 shares valued at approximately $3.05 million. Institutional investors collectively own 79.43% of AGX.
• Analyst sentiment remains generally positive, with Argan carrying a consensus “Moderate Buy” rating and a $509 average price target, though recent recommendations range from “Sell” to “Strong Buy.”
• Argan reported stronger-than-expected quarterly results, with $3.76 EPS and $383.98 million in revenue, up 61.5% year over year. The company also raised its quarterly dividend from $0.50 to $0.70 per share.

Inspire Investing LLC increased its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 838.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,077 shares of the construction company's stock after acquiring an additional 7,216 shares during the quarter. Inspire Investing LLC owned about 0.06% of Argan worth $3,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Argan in the 2nd quarter worth $1,764,086,000. First Trust Advisors LP grew its holdings in 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 purchasing an additional 192,204 shares during the period. Renaissance Technologies LLC grew its holdings in Argan by 2.1% during the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company's stock valued at $332,726,000 after purchasing an additional 12,300 shares during the period. Maverick Capital Ltd. increased its position in Argan by 5.9% in the first quarter. Maverick Capital Ltd. now owns 464,759 shares of the construction company's stock worth $253,131,000 after buying an additional 25,901 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Argan by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 397,962 shares of the construction company's stock worth $216,728,000 after buying an additional 4,954 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AGX shares. Wall Street Zen raised shares of Argan from a "hold" rating to a "buy" rating in a research note on Sunday, October 18th. Piper Sandler initiated coverage on shares of Argan in a research note on Tuesday, September 8th. They set an "underweight" rating and a $273.00 target price on the stock. Zacks Research downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Friday, October 9th. JPMorgan Chase & Co. cut their price target on Argan from $800.00 to $785.00 and set an "overweight" rating for the company in a research note on Tuesday, September 29th. Finally, Lake Street Capital raised Argan from a "hold" rating to a "buy" rating and set a $600.00 price target on the stock in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $509.00.

Insider Activity

In other news, Director John Jeffrey, Jr. sold 5,716 shares of Argan stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $579.64, for a total value of $3,313,222.24. Following the completion of the transaction, the director owned 2,533 shares in the company, valued at approximately $1,468,228.12. This trade represents a 69.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.99% of the company's stock.

Argan Price Performance

NYSE:AGX opened at $331.16 on Friday. The company has a 50 day moving average price of $406.68 and a 200-day moving average price of $562.65. Argan, Inc. has a 1-year low of $276.28 and a 1-year high of $805.75. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 26.20, a price-to-earnings-growth ratio of 2.41 and a beta of 0.56.

Argan (NYSE:AGX - Get Free Report) last released its earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share for the quarter, topping analysts' consensus estimates of $2.64 by $1.12. The business had revenue of $383.98 million for the quarter, compared to analyst estimates of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The business's revenue was up 61.5% on a year-over-year basis. During the same period last year, the company posted $2.50 EPS. On average, sell-side analysts anticipate that Argan, Inc. will post 13.72 earnings per share for the current fiscal year.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 22nd will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, October 22nd. This represents a $2.80 dividend on an annualized basis and a yield of 0.8%. This is an increase from Argan's previous quarterly dividend of $0.50. Argan's dividend payout ratio is 22.15%.

About Argan

Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.

Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.

Argan's principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.

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