Inspire Investing LLC Sells 877 Shares of Argan, Inc. $AGX

Key Points

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Inspire Investing LLC decreased its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 33.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,757 shares of the construction company's stock after selling 877 shares during the period. Inspire Investing LLC's holdings in Argan were worth $387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC raised its position in Argan by 2,987.5% during the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock valued at $32,000 after purchasing an additional 239 shares during the last quarter. IFP Advisors Inc bought a new position in Argan during the 2nd quarter valued at approximately $71,000. Kings Path Partners LLC bought a new position in Argan during the 2nd quarter valued at approximately $170,000. State of Wyoming bought a new position in Argan during the 1st quarter valued at approximately $109,000. Finally, Caitong International Asset Management Co. Ltd raised its position in Argan by 16,640.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company's stock valued at $110,000 after purchasing an additional 832 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AGX. UBS Group set a $315.00 target price on Argan in a research report on Monday. Weiss Ratings reissued a "buy (b)" rating on shares of Argan in a research report on Wednesday, October 8th. Glj Research began coverage on Argan in a research report on Monday, September 22nd. They issued a "hold" rating and a $251.00 target price for the company. Zacks Research raised Argan from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised Argan from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $220.00 to $315.00 in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $258.20.

Insider Activity at Argan

In related news, CEO David Hibbert Watson sold 4,441 shares of the firm's stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $277.01, for a total transaction of $1,230,201.41. Following the completion of the transaction, the chief executive officer owned 47,691 shares of the company's stock, valued at $13,210,883.91. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cynthia Flanders sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $271.96, for a total value of $4,079,400.00. Following the transaction, the director directly owned 16,428 shares of the company's stock, valued at approximately $4,467,758.88. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,027 shares of company stock worth $26,875,296 over the last quarter. 6.69% of the stock is currently owned by company insiders.

Argan Stock Down 5.2%

AGX stock opened at $296.32 on Friday. Argan, Inc. has a twelve month low of $101.02 and a twelve month high of $320.00. The firm has a market cap of $4.09 billion, a PE ratio of 35.62 and a beta of 0.64. The business has a 50 day moving average of $246.65 and a 200 day moving average of $210.05.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Thursday, September 4th. The construction company reported $2.50 earnings per share 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 during the quarter, compared to analyst estimates of $243.97 million. During the same quarter last year, the company earned $1.31 EPS. The firm's revenue for the quarter was up 4.7% on a year-over-year basis.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be given a dividend of $0.50 per share. This is a boost from Argan's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.7%. Argan's dividend payout ratio is 18.03%.

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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