Bank of New York Mellon Corp Lowers Stock Position in Argan, Inc. (NYSE:AGX)

Bank of New York Mellon Corp lowered its position in Argan, Inc. (NYSE:AGX - Free Report) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,771 shares of the construction company's stock after selling 15,666 shares during the quarter. Bank of New York Mellon Corp owned 1.25% of Argan worth $22,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in AGX. Raymond James Financial Inc. bought a new stake in Argan in the fourth quarter valued at approximately $8,002,000. Amundi boosted its holdings in Argan by 8.6% in the fourth quarter. Amundi now owns 859 shares of the construction company's stock valued at $118,000 after acquiring an additional 68 shares during the last quarter. HighTower Advisors LLC bought a new stake in Argan in the fourth quarter valued at approximately $333,000. Farther Finance Advisors LLC bought a new stake in Argan in the fourth quarter valued at approximately $32,000. Finally, Swiss National Bank boosted its holdings in Argan by 6.4% in the fourth quarter. Swiss National Bank now owns 26,500 shares of the construction company's stock valued at $3,632,000 after acquiring an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Argan Stock Up 1.5%

NYSE AGX traded up $3.05 on Friday, reaching $206.89. The company had a trading volume of 592,893 shares, compared to its average volume of 360,349. The stock has a market capitalization of $2.82 billion, a P/E ratio of 29.02 and a beta of 0.54. The company's fifty day moving average is $207.94 and its 200 day moving average is $164.98. Argan, Inc. has a 52-week low of $63.53 and a 52-week high of $246.60.

Argan (NYSE:AGX - Get Free Report) last announced its earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.51. Argan had a return on equity of 29.61% and a net margin of 11.00%. The firm had revenue of $193.66 million during the quarter, compared to analyst estimates of $193.75 million. During the same period last year, the firm posted $0.58 EPS. The business's revenue was up 22.8% compared to the same quarter last year.

Argan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 23rd will be paid a $0.375 dividend. The ex-dividend date of this dividend is Wednesday, July 23rd. This represents a $1.50 annualized dividend and a yield of 0.73%. Argan's dividend payout ratio is currently 21.04%.

Insider Buying and Selling at Argan

In other news, Director Cynthia Flanders sold 15,000 shares of Argan stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $220.47, for a total transaction of $3,307,050.00. Following the completion of the sale, the director owned 33,428 shares in the company, valued at approximately $7,369,871.16. This trade represents a 30.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter W. Getsinger sold 3,456 shares of Argan stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $212.01, for a total value of $732,706.56. Following the sale, the director owned 14,895 shares of the company's stock, valued at approximately $3,157,888.95. This trade represents a 18.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,404 shares of company stock worth $18,221,387. 6.69% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AGX has been the topic of several analyst reports. Lake Street Capital upped their target price on Argan from $150.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th.

About Argan

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.