Bank of New York Mellon Corp Acquires Shares of 165,147 Argan, Inc. $AGX

Bank of New York Mellon Corp acquired a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 165,147 shares of the construction company's stock, valued at approximately $131,878,000. Bank of New York Mellon Corp owned about 1.18% of Argan at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Western Wealth Management LLC bought a new stake in Argan in the 1st quarter worth about $25,000. SJS Investment Consulting Inc. grew its position in shares of Argan by 2,950.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company's stock valued at $33,000 after acquiring an additional 59 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Argan during the 4th quarter worth approximately $30,000. Harbor Investment Advisory LLC bought a new stake in shares of Argan in the 2nd quarter worth approximately $77,000. Finally, Montag A & Associates Inc. purchased a new position in Argan in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Argan Trading Up 0.5%

Shares of NYSE AGX opened at $504.36 on Monday. The stock's 50-day moving average is $633.25 and its 200 day moving average is $581.24. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 44.32 and a beta of 0.61. Argan, Inc. has a 1-year low of $197.00 and a 1-year high of $805.75.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.93. Argan had a net margin of 15.48% and a return on equity of 36.89%. The business had revenue of $290.95 million for the quarter, compared to analysts' expectations of $256.03 million. During the same period last year, the business earned $1.60 earnings per share. The business's quarterly revenue was up 50.2% on a year-over-year basis. On average, analysts forecast that Argan, Inc. will post 12.6 EPS for the current fiscal year.

Argan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, July 23rd. Argan's dividend payout ratio (DPR) is 17.57%.

Insider Transactions at Argan

In other Argan news, Director John Ronald Jr. Jeffrey sold 5,716 shares of the business's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $579.64, for a total value of $3,313,222.24. Following the transaction, the director owned 2,533 shares in the company, valued at approximately $1,468,228.12. The trade was a 69.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cynthia Flanders sold 2,596 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $666.31, for a total transaction of $1,729,740.76. Following the transaction, the director directly owned 23,144 shares of the company's stock, valued at approximately $15,421,078.64. This trade represents a 10.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 127,973 shares of company stock valued at $87,554,828. Company insiders own 2.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen downgraded Argan from a "buy" rating to a "hold" rating in a research note on Saturday. Zacks Research downgraded Argan from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Weiss Ratings cut Argan from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Lake Street Capital boosted their price objective on Argan from $375.00 to $600.00 and gave the company a "hold" rating in a research note on Friday, June 5th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $470.40.

Argan Profile

Argan, Inc NYSE: AGX is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company's principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.

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