Bank of America Corp DE Has $808,000 Stock Holdings in Argan, Inc. (NYSE:AGX)

Bank of America Corp DE trimmed its stake in Argan, Inc. (NYSE:AGX - Free Report) by 89.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,897 shares of the construction company's stock after selling 52,406 shares during the quarter. Bank of America Corp DE's holdings in Argan were worth $808,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Argan by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company's stock worth $115,605,000 after purchasing an additional 16,784 shares during the period. Renaissance Technologies LLC lifted its position in shares of Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after buying an additional 116,783 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Argan by 18.1% during the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock worth $65,869,000 after acquiring an additional 73,654 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Argan by 37.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock worth $40,475,000 after acquiring an additional 80,844 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Argan by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 292,956 shares of the construction company's stock worth $40,156,000 after acquiring an additional 5,710 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Insiders Place Their Bets

In other Argan news, CFO Richard H. Deily sold 1,565 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total transaction of $238,380.80. Following the transaction, the chief financial officer now owns 7,802 shares in the company, valued at $1,188,400.64. This trade represents a 16.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter W. Getsinger sold 5,000 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following the sale, the director now owns 11,496 shares of the company's stock, valued at approximately $1,667,264.88. The trade was a 30.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,857 shares of company stock worth $1,308,133 in the last quarter. 6.69% of the stock is currently owned by corporate insiders.

Argan Trading Up 3.3%

Argan stock opened at $243.01 on Monday. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 50.84 and a beta of 0.55. Argan, Inc. has a 12 month low of $63.53 and a 12 month high of $246.60. The stock's 50 day moving average is $168.70 and its 200-day moving average is $151.64.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.51. Argan had a return on equity of 21.66% and a net margin of 8.20%. The firm had revenue of $193.66 million for the quarter, compared to analyst estimates of $193.75 million. During the same period in the prior year, the firm posted $0.58 EPS. The company's revenue for the quarter was up 22.8% on a year-over-year basis.

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd were given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend was Tuesday, April 22nd. Argan's dividend payout ratio is 21.04%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on AGX shares. Lake Street Capital raised their price target on Argan from $150.00 to $236.00 and gave the company a "buy" rating in a report on Thursday. Kepler Capital Markets lowered shares of Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th.

Argan Profile

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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