Argan, Inc. $AGX Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System decreased its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,652 shares of the construction company's stock after selling 444 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Argan worth $12,498,905 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Western Wealth Management LLC purchased a new stake in Argan in the first quarter worth about $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Argan in the 4th quarter worth approximately $30,000. Hilton Head Capital Partners LLC acquired a new position in Argan in the 4th quarter valued at about $31,000. SJS Investment Consulting Inc. raised its holdings in shares of Argan by 2,950.0% in the first quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company's stock valued at $33,000 after buying an additional 59 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Argan during the 2nd quarter worth approximately $38,000. Institutional investors own 79.43% of the company's stock.

Argan Stock Down 1.1%

Shares of Argan stock traded down $4.16 during trading on Tuesday, reaching $388.40. 203,413 shares of the company were exchanged, compared to its average volume of 386,389. The business has a 50-day moving average price of $532.31 and a 200-day moving average price of $583.85. Argan, Inc. has a twelve month low of $234.34 and a twelve month high of $805.75. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of 30.73, a P/E/G ratio of 3.05 and a beta of 0.57.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.64 by $1.12. Argan had a return on equity of 38.51% and a net margin of 15.09%.The company had revenue of $383.98 million for the quarter, compared to analysts' expectations of $300.53 million. During the same period last year, the business earned $2.50 EPS. Argan's quarterly revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts forecast that Argan, Inc. will post 13.56 EPS for the current fiscal year.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, October 22nd. This represents a $2.80 annualized dividend and a dividend yield of 0.7%. This is a boost from Argan's previous quarterly dividend of $0.50. Argan's payout ratio is presently 15.82%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AGX. Weiss Ratings cut Argan from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday. Wall Street Zen raised shares of Argan from a "hold" rating to a "buy" rating in a research report on Saturday, September 5th. Freedom Broker raised shares of Argan from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. Zacks Research raised Argan from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 10th. Finally, Piper Sandler initiated coverage on Argan in a report on Tuesday, September 8th. They issued an "underweight" rating and a $273.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $437.50.

Insider Activity

In other Argan news, Director John Jeffrey, Jr. sold 5,716 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the completion of the sale, the director directly owned 2,533 shares in the company, valued at $1,468,228.12. This represents a 69.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Sweeney sold 300 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $705.00, for a total value of $211,500.00. Following the completion of the sale, the director owned 1,548 shares of the company's stock, valued at $1,091,340. This trade represents a 16.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 58,776 shares of company stock valued at $42,464,130 in the last quarter. Insiders own 2.99% of the company's stock.

Argan Company Profile

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.

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