Elite Wealth Management Inc. Acquires 12,875 Shares of Argan, Inc. $AGX

Key Points

• Elite Wealth Management increased its Argan stake by 135.9% in the third quarter, adding 12,875 shares to hold 22,348 shares worth about $8.45 million.
• Argan reported quarterly EPS of $3.76, beating the $2.64 consensus, while revenue rose 61.5% year over year to $383.98 million.
• The company raised its quarterly dividend from $0.50 to $0.70 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $509.

Elite Wealth Management Inc. increased its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 135.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,348 shares of the construction company's stock after acquiring an additional 12,875 shares during the period. Argan comprises approximately 1.6% of Elite Wealth Management Inc.'s holdings, making the stock its 15th largest holding. Elite Wealth Management Inc. owned approximately 0.16% of Argan worth $8,446,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Western Wealth Management LLC bought a new position in shares of Argan in the first quarter worth about $25,000. Public Employees Retirement System of Ohio bought a new stake in shares of Argan during the second quarter valued at approximately $38,000. Plato Investment Management Ltd bought a new stake in shares of Argan during the second quarter valued at approximately $52,000. Harbor Investment Advisory LLC bought a new stake in shares of Argan during the second quarter valued at approximately $77,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Argan in the second quarter valued at approximately $80,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Price Performance

Shares of NYSE:AGX opened at $278.72 on Monday. The firm's 50 day simple moving average is $372.54 and its 200 day simple moving average is $515.93. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 2.02 and a beta of 0.64. Argan, Inc. has a fifty-two week low of $252.88 and a fifty-two week high of $805.75.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating the consensus estimate of $2.64 by $1.12. The business had revenue of $383.98 million for the quarter, compared to analysts' expectations of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm's revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.50 EPS. Equities research analysts expect that Argan, Inc. will post 13.72 earnings per share for the current year.

Argan Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 22nd were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, October 22nd. This is a boost from Argan's previous quarterly dividend of $0.50. This represents a $2.80 annualized dividend and a yield of 1.0%. Argan's dividend payout ratio is currently 22.15%.

Analyst Ratings Changes

Several research firms have recently commented on AGX. Lake Street Capital raised Argan from a "hold" rating to a "buy" rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd. Zacks Research lowered Argan from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 9th. Freedom Broker upgraded Argan from a "hold" rating to a "strong-buy" rating in a report on Friday, September 4th. Weiss Ratings cut Argan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on Argan from $800.00 to $785.00 and set an "overweight" rating for the company in a research report on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $509.00.

Argan Profile

Argan, Inc is a construction and engineering company focused primarily on power generation and related infrastructure. Through its subsidiaries, the company provides services that include engineering, procurement, construction, commissioning, and maintenance.

Its Gemma Power Systems subsidiary develops and builds power plants, including natural gas-fired and renewable energy facilities. Atlantic Projects Company provides construction, commissioning, and maintenance services for power generation and industrial facilities, while SMC Infrastructure Solutions serves the electric utility sector with infrastructure construction services.

Argan's projects span the United States and international markets, with its subsidiaries serving customers in areas including Europe.

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