Counterpoint Mutual Funds LLC Invests $422,000 in Argan, Inc. $AGX

Key Points

• Counterpoint Mutual Funds LLC invested $422,000 in Argan, Inc. by purchasing 1,912 shares during the 2nd quarter, according to their recent regulatory filing.
• Argan recently increased its quarterly dividend from $0.38 to $0.50, resulting in an annualized dividend yield of 0.8%.
• The company's latest earnings report showed a profit of $2.50 per share, exceeding analysts' expectations, with a quarterly revenue of $237.74 million, up 4.7% from the previous year.

Counterpoint Mutual Funds LLC purchased a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,912 shares of the construction company's stock, valued at approximately $422,000.

A number of other hedge funds have also recently added to or reduced their stakes in AGX. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in Argan during the second quarter valued at $1,764,000. Abacus FCF Advisors LLC boosted its holdings in shares of Argan by 34.1% in the 2nd quarter. Abacus FCF Advisors LLC now owns 44,697 shares of the construction company's stock valued at $9,855,000 after buying an additional 11,354 shares during the period. Diversified Trust Co bought a new stake in shares of Argan during the 2nd quarter valued at about $683,000. Contravisory Investment Management Inc. acquired a new stake in Argan during the second quarter worth about $319,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Argan by 6.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 4,253 shares of the construction company's stock worth $898,000 after acquiring an additional 276 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

Argan Price Performance

Shares of Argan stock opened at $265.62 on Wednesday. Argan, Inc. has a 1-year low of $93.26 and a 1-year high of $270.12. The business's fifty day moving average price is $229.38 and its two-hundred day moving average price is $192.37. The company has a market capitalization of $3.67 billion, a P/E ratio of 31.92 and a beta of 0.62.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.51. Argan had a return on equity of 32.61% and a net margin of 12.73%.The company had revenue of $237.74 million for the quarter, compared to analyst estimates of $243.97 million. During the same period last year, the company earned $1.31 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Argan's previous quarterly dividend of $0.38. Argan's dividend payout ratio (DPR) is currently 18.03%.

Insider Activity

In other news, CEO Charles Edwin Iv Collins sold 7,500 shares of the business's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $257.39, for a total value of $1,930,425.00. Following the sale, the chief executive officer owned 21,006 shares of the company's stock, valued at approximately $5,406,734.34. The trade was a 26.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James W. Quinn sold 4,660 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $259.35, for a total value of $1,208,571.00. The disclosure for this sale can be found here. Insiders have sold 55,892 shares of company stock valued at $13,614,489 over the last 90 days. Corporate insiders own 6.69% of the company's stock.

Wall Street Analyst Weigh In

AGX has been the subject of a number of research reports. Lake Street Capital lifted their target price on Argan from $236.00 to $260.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Wall Street Zen upgraded Argan from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Glj Research initiated coverage on Argan in a research note on Monday. They set a "hold" rating and a $251.00 price objective for the company. JPMorgan Chase & Co. started coverage on Argan in a research note on Monday, July 21st. They issued a "neutral" rating and a $220.00 target price on the stock. Finally, Kepler Capital Markets lowered shares of Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $220.25.

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.

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