Argan, Inc. $AGX Stock: International Assets Investment Management LLC Boosts Position

Key Points

• International Assets Investment Management increased its Argan stake by 6,787.1% in the third quarter, purchasing 49,274 additional shares and bringing its holdings to 50,000 shares worth approximately $18.9 million. Institutional investors collectively own 79.43% of AGX.
• Argan reported quarterly EPS of $3.76, beating estimates of $2.64, while revenue rose 61.5% year over year to $383.98 million. Analysts maintain a “Moderate Buy” consensus rating with a $509 average price target.
• The company raised its quarterly dividend from $0.50 to $0.70 per share, equivalent to $2.80 annually and a 0.8% yield.

International Assets Investment Management LLC boosted its stake in Argan, Inc. (NYSE:AGX - Free Report) by 6,787.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,000 shares of the construction company's stock after acquiring an additional 49,274 shares during the period. International Assets Investment Management LLC owned 0.36% of Argan worth $18,898,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Western Wealth Management LLC purchased a new stake in shares of Argan during the 1st quarter worth approximately $25,000. Public Employees Retirement System of Ohio purchased a new position in Argan in the second quarter valued at approximately $38,000. Plato Investment Management Ltd bought a new position in Argan during the second quarter valued at $52,000. Harbor Investment Advisory LLC bought a new position in Argan during the second quarter valued at $77,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Argan during the second quarter valued at $80,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AGX. JPMorgan Chase & Co. lowered their target price on Argan from $800.00 to $785.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 29th. Weiss Ratings downgraded Argan from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, October 23rd. Piper Sandler assumed coverage on Argan in a research note on Tuesday, September 8th. They set an "underweight" rating and a $273.00 price target for the company. Freedom Broker raised Argan from a "hold" rating to a "strong-buy" rating in a report on Friday, September 4th. Finally, Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $600.00 price objective on the stock in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $509.00.

Argan Price Performance

Argan stock opened at $343.34 on Friday. The firm has a market capitalization of $4.82 billion, a P/E ratio of 28.23, a PEG ratio of 2.60 and a beta of 0.56. Argan, Inc. has a one year low of $276.28 and a one year high of $805.75. The business has a fifty day moving average price of $389.12 and a 200-day moving average price of $517.02.

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

Argan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, October 22nd. This is a positive change from Argan's previous quarterly dividend of $0.50. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.8%. Argan's payout ratio is currently 22.15%.

Argan Profile

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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