Navellier & Associates Inc. raised its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 28.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,247 shares of the construction company's stock after buying an additional 8,364 shares during the period. Argan makes up approximately 2.4% of Navellier & Associates Inc.'s portfolio, making the stock its 10th largest position. Navellier & Associates Inc. owned 0.27% of Argan worth $30,542,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of AGX. BlackRock Inc. acquired a new stake in shares of Argan in the second quarter valued at $1,764,086,000. Maverick Capital Ltd. acquired a new position in Argan during the 4th quarter worth $137,503,000. First Trust Advisors LP grew its stake in Argan by 32.1% during the 1st quarter. First Trust Advisors LP now owns 791,353 shares of the construction company's stock worth $431,010,000 after purchasing an additional 192,204 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Argan during the 2nd quarter worth $131,878,000. Finally, Balyasny Asset Management L.P. increased its holdings in Argan by 168.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company's stock worth $55,862,000 after purchasing an additional 159,149 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.
Analyst Ratings Changes
Several brokerages have recently issued reports on AGX. Wall Street Zen cut Argan from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Lake Street Capital raised their target price on shares of Argan from $375.00 to $600.00 and gave the company a "hold" rating in a report on Friday, June 5th. Zacks Research cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of Argan from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $470.40.
Read Our Latest Stock Report on AGX
Insider Activity at Argan
In other Argan news, Chairman William F. Griffin, Jr. sold 50,000 shares of Argan stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $643.46, for a total transaction of $32,173,000.00. Following the transaction, the chairman owned 90,976 shares of the company's stock, valued at $58,539,416.96. The trade was a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John Ronald Jr. Jeffrey sold 5,716 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $579.64, for a total value of $3,313,222.24. Following the completion of the sale, the director owned 2,533 shares of the company's stock, valued at approximately $1,468,228.12. This represents a 69.29% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 127,973 shares of company stock valued at $87,554,828. Corporate insiders own 2.99% of the company's stock.
Argan Trading Down 8.7%
Shares of NYSE:AGX opened at $419.92 on Friday. The company has a market capitalization of $5.89 billion, a PE ratio of 36.90 and a beta of 0.61. Argan, Inc. has a twelve month low of $197.00 and a twelve month high of $805.75. The firm has a 50 day simple moving average of $606.83 and a 200-day simple moving average of $582.92.
Argan (NYSE:AGX - Get Free Report) last posted its earnings results on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.93. Argan had a net margin of 15.48% and a return on equity of 36.89%. The firm had revenue of $290.95 million for the quarter, compared to the consensus estimate of $256.03 million. During the same period last year, the firm posted $1.60 EPS. The company's revenue was up 50.2% on a year-over-year basis. As a group, equities research analysts predict that Argan, Inc. will post 12.6 EPS for the current fiscal year.
Argan Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, July 23rd. Argan's dividend payout ratio is currently 17.57%.
About Argan
(
Free Report)
Argan, Inc NYSE: AGX is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.
The company's principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.
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