Calamos Advisors LLC Sells 5,364 Shares of Argan, Inc. (NYSE:AGX)

Calamos Advisors LLC cut its stake in Argan, Inc. (NYSE:AGX - Free Report) by 24.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,679 shares of the construction company's stock after selling 5,364 shares during the period. Calamos Advisors LLC owned about 0.12% of Argan worth $2,188,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AGX. Farther Finance Advisors LLC acquired a new stake in Argan during the 4th quarter worth $32,000. McIlrath & Eck LLC increased its holdings in shares of Argan by 419.4% during the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company's stock worth $51,000 after buying an additional 302 shares during the last quarter. Truvestments Capital LLC purchased a new stake in Argan during the fourth quarter worth approximately $57,000. Federated Hermes Inc. boosted its position in Argan by 1,123.5% during the 4th quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after purchasing an additional 382 shares during the period. Finally, Amundi grew its stake in shares of Argan by 8.6% in the fourth quarter. Amundi now owns 859 shares of the construction company's stock valued at $118,000 after buying an additional 68 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Wall Street Analyst Weigh In

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

Argan Stock Performance

Shares of AGX stock traded up $5.07 during mid-day trading on Wednesday, hitting $207.60. 165,982 shares of the stock traded hands, compared to its average volume of 351,780. The company's 50-day simple moving average is $199.44 and its 200-day simple moving average is $160.95. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 29.12 and a beta of 0.54. Argan, Inc. has a twelve month low of $63.53 and a twelve month high of $246.60.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly 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. The company had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. Argan had a return on equity of 29.61% and a net margin of 11.00%. The firm's revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 earnings per share.

Argan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date is Wednesday, July 23rd. Argan's dividend payout ratio is presently 21.04%.

Insiders Place Their Bets

In other news, Director Cynthia Flanders sold 15,000 shares of Argan stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $220.47, for a total value of $3,307,050.00. Following the completion of the transaction, the director owned 33,428 shares in the company, valued at approximately $7,369,871.16. The trade was a 30.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rainer H. Bosselmann sold 13,728 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $221.58, for a total transaction of $3,041,850.24. Following the completion of the transaction, the director owned 196,723 shares of the company's stock, valued at $43,589,882.34. This trade represents a 6.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,696 shares of company stock worth $19,291,140 in the last three months. 6.69% of the stock is owned by insiders.

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.