CWA Asset Management Group LLC Sells 5,549 Shares of Argan, Inc. (NYSE:AGX)

CWA Asset Management Group LLC cut its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 33.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,114 shares of the construction company's stock after selling 5,549 shares during the quarter. CWA Asset Management Group LLC owned 0.08% of Argan worth $1,458,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AGX. Balyasny Asset Management L.P. bought a new position in shares of Argan during the fourth quarter worth approximately $23,064,000. Renaissance Technologies LLC increased its holdings in shares of Argan by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock worth $92,170,000 after purchasing an additional 116,783 shares during the period. Thames Capital Management LLC increased its holdings in shares of Argan by 286.8% during the fourth quarter. Thames Capital Management LLC now owns 117,384 shares of the construction company's stock worth $16,086,000 after purchasing an additional 87,038 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Argan by 80.3% during the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company's stock worth $25,549,000 after purchasing an additional 83,039 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Argan by 37.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock worth $40,475,000 after purchasing an additional 80,844 shares during the period. 79.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AGX shares. Lake Street Capital lifted their price objective on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Kepler Capital Markets cut shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th.

Argan Price Performance

NYSE:AGX traded down $3.46 during mid-day trading on Friday, reaching $202.76. The stock had a trading volume of 877,502 shares, compared to its average volume of 345,910. The stock has a 50-day simple moving average of $183.66 and a two-hundred day simple moving average of $155.29. The stock has a market capitalization of $2.77 billion, a PE ratio of 28.44 and a beta of 0.55. Argan, Inc. has a 12 month low of $63.53 and a 12 month high of $246.60.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.51. The business had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. Argan had a net margin of 11.00% and a return on equity of 29.61%. The firm's quarterly revenue was up 22.8% compared to the same quarter last year. During the same period last year, the firm posted $0.58 earnings per share.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 23rd will be given a $0.375 dividend. The ex-dividend date is Wednesday, July 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 0.74%. Argan's dividend payout ratio is currently 21.04%.

Insider Buying and Selling at Argan

In other Argan news, Director Peter W. Getsinger sold 2,292 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $150.35, for a total value of $344,602.20. Following the sale, the director now owns 9,500 shares in the company, valued at $1,428,325. This trade represents a 19.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Rainer H. Bosselmann sold 13,728 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $221.58, for a total transaction of $3,041,850.24. Following the completion of the sale, the director now owns 196,723 shares in the company, valued at $43,589,882.34. This represents a 6.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,585 shares of company stock worth $15,973,833 over the last quarter. Corporate 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.