Lazard Asset Management LLC Has $2.12 Million Stake in Argan, Inc. (NYSE:AGX)

Lazard Asset Management LLC boosted its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 9.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,436 shares of the construction company's stock after purchasing an additional 1,386 shares during the quarter. Lazard Asset Management LLC owned 0.11% of Argan worth $2,115,000 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. American Century Companies Inc. raised its stake in Argan by 18.1% in the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock worth $65,869,000 after purchasing an additional 73,654 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Argan by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock valued at $3,836,000 after buying an additional 15,681 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Argan by 28.5% in the 4th quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock valued at $2,400,000 after buying an additional 3,880 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Argan by 95.7% in the 4th quarter. Intech Investment Management LLC now owns 6,543 shares of the construction company's stock valued at $897,000 after buying an additional 3,199 shares in the last quarter. Finally, Thoroughbred Financial Services LLC raised its position in shares of Argan by 34.3% in the 4th quarter. Thoroughbred Financial Services LLC now owns 8,411 shares of the construction company's stock valued at $1,152,000 after buying an additional 2,150 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Analyst Ratings Changes

Separately, Lake Street Capital upgraded shares of Argan from a "hold" rating to a "buy" rating and set a $150.00 target price for the company in a research report on Friday, March 28th.

Insider Transactions at Argan

In other news, CFO Richard H. Deily sold 1,565 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total transaction of $238,380.80. Following the completion of the transaction, the chief financial officer now directly owns 7,802 shares in the company, valued at approximately $1,188,400.64. This represents a 16.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter W. Getsinger sold 2,292 shares of the stock in a transaction 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 completion of the sale, the director now owns 9,500 shares of the company's stock, valued at $1,428,325. The trade was a 19.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,857 shares of company stock worth $1,308,133. Corporate insiders own 6.69% of the company's stock.

Argan Stock Up 3.1%

Shares of NYSE:AGX traded up $6.14 during trading on Friday, hitting $203.11. 369,065 shares of the company were exchanged, compared to its average volume of 319,502. The business's 50 day moving average is $150.54 and its 200-day moving average is $147.04. The company has a market capitalization of $2.77 billion, a P/E ratio of 42.49 and a beta of 0.42. Argan, Inc. has a 1-year low of $63.53 and a 1-year high of $205.57.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $1.07. The company had revenue of $232.47 million during the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm's revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were issued a dividend of $0.375 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.74%. Argan's dividend payout ratio (DPR) is presently 24.55%.

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.