City Center Advisors LLC Acquires Shares of 1,698 Argan, Inc. (NYSE:AGX)

City Center Advisors LLC acquired a new stake in Argan, Inc. (NYSE:AGX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,698 shares of the construction company's stock, valued at approximately $223,000.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Argan by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company's stock valued at $115,605,000 after purchasing an additional 16,784 shares during the period. Renaissance Technologies LLC grew its stake in shares of Argan by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock worth $92,170,000 after acquiring an additional 116,783 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Argan by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 529,052 shares of the construction company's stock worth $72,502,000 after acquiring an additional 29,062 shares during the period. American Century Companies Inc. grew 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. Finally, Arrowstreet Capital Limited Partnership grew 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. Institutional investors own 79.43% of the company's stock.

Analyst Upgrades and Downgrades

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

Argan Stock Up 3.3%

Shares of NYSE AGX opened at $243.01 on Monday. Argan, Inc. has a 52 week low of $63.53 and a 52 week high of $246.60. The business has a 50-day simple moving average of $168.70 and a two-hundred day simple moving average of $151.64. The company has a market cap of $3.31 billion, a P/E ratio of 50.84 and a beta of 0.55.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.09 by $0.51. Argan had a return on equity of 21.66% and a net margin of 8.20%. The business had revenue of $193.66 million during the quarter, compared to the consensus estimate of $193.75 million. During the same quarter last year, the company earned $0.58 EPS. The firm's revenue was up 22.8% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a yield of 0.62%. Argan's dividend payout ratio is currently 21.04%.

Insiders Place Their Bets

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

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.

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