Millennium Management LLC Grows Position in Argan, Inc. (NYSE:AGX)

Millennium Management LLC lifted its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 50.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,951 shares of the construction company's stock after buying an additional 35,355 shares during the period. Millennium Management LLC owned approximately 0.77% of Argan worth $14,382,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Argan by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company's stock valued at $115,605,000 after acquiring an additional 16,784 shares during the period. Renaissance Technologies LLC lifted its holdings in Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after acquiring an additional 116,783 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Argan by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 529,052 shares of the construction company's stock valued at $72,502,000 after acquiring an additional 29,062 shares during the period. American Century Companies Inc. lifted its holdings in Argan by 18.1% in the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after acquiring an additional 73,654 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Argan by 37.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock valued at $40,475,000 after acquiring an additional 80,844 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Lake Street Capital raised Argan from a "hold" rating to a "buy" rating and set a $150.00 target price on the stock in a report on Friday, March 28th.

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 5,000 shares of Argan stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the sale, the director now owns 11,496 shares of the company's stock, valued at approximately $1,667,264.88. This trade represents a 30.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total value of $238,380.80. Following the sale, the chief financial officer now directly owns 7,802 shares in the company, valued at $1,188,400.64. This trade represents a 16.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,857 shares of company stock valued at $1,308,133 over the last quarter. 6.69% of the stock is currently owned by company insiders.

Argan Stock Up 2.2%

NYSE AGX opened at $197.33 on Friday. The stock's 50-day moving average price is $148.83 and its 200-day moving average price is $146.61. Argan, Inc. has a 52 week low of $63.53 and a 52 week high of $199.00. The company has a market capitalization of $2.69 billion, a P/E ratio of 41.28 and a beta of 0.42.

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

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Tuesday, April 22nd. Argan's dividend payout ratio (DPR) is currently 24.55%.

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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