Connor Clark & Lunn Investment Management Ltd. Has $7.06 Million Holdings in Argan, Inc. (NYSE:AGX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Argan, Inc. by 25.8%, selling 18,698 shares to hold 53,831 shares, valued at approximately $7.06 million.
• Multiple institutional investors have significantly adjusted their positions in Argan, with significant increases in stakes seen from Wealth Enhancement Advisory Services LLC (up 26.7%) and GAMMA Investing LLC (up 11,180.0%).
• Argan's stock received mixed reviews from analysts, with a consensus rating of "Hold" and an average price target of $202.00.

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Argan, Inc. (NYSE:AGX - Free Report) by 25.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,831 shares of the construction company's stock after selling 18,698 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.39% of Argan worth $7,061,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AGX. Larson Financial Group LLC boosted its stake in Argan by 2,987.5% during the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock worth $32,000 after purchasing an additional 239 shares during the last quarter. McIlrath & Eck LLC increased its stake in shares of Argan by 419.4% during the fourth 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 period. Federated Hermes Inc. increased its stake in shares of Argan by 1,123.5% during the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after buying an additional 382 shares during the period. State of Tennessee Department of Treasury purchased a new stake in shares of Argan during the fourth quarter worth approximately $138,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Argan by 12.7% in the first quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock valued at $139,000 after purchasing an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Argan Trading Down 0.9%

AGX traded down $2.09 during trading on Friday, reaching $222.45. 214,949 shares of the company were exchanged, compared to its average volume of 436,030. The stock has a market cap of $3.03 billion, a P/E ratio of 31.20 and a beta of 0.59. The firm has a 50 day moving average of $219.19 and a 200 day moving average of $173.75. Argan, Inc. has a 52 week low of $69.81 and a 52 week high of $253.79.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $193.75 million. During the same period in the prior year, the business earned $0.58 EPS. The firm's revenue was up 22.8% on a year-over-year basis.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd were paid a dividend of $0.375 per share. The ex-dividend date was Wednesday, July 23rd. This represents a $1.50 annualized dividend and a yield of 0.7%. Argan's dividend payout ratio is presently 21.04%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AGX shares. JPMorgan Chase & Co. started coverage on Argan in a report on Monday, July 21st. They issued a "neutral" rating and a $220.00 price objective for the company. Lake Street Capital increased their price objective on Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. Finally, Wall Street Zen lowered Argan from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $202.00.

Insider Activity

In other news, CEO Charles Edwin Iv Collins sold 5,000 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $245.00, for a total value of $1,225,000.00. Following the transaction, the chief executive officer directly owned 14,506 shares in the company, valued at $3,553,970. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cynthia Flanders sold 2,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $234.56, for a total value of $469,120.00. Following the completion of the transaction, the director owned 31,428 shares in the company, valued at $7,371,751.68. This represents a 5.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,564 shares of company stock worth $21,046,366 over the last 90 days. Company insiders own 6.69% of the company's stock.

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.