Norris Financial Group LLC purchased a new position in Argan, Inc. (NYSE:AGX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,904 shares of the construction company's stock, valued at approximately $4,850,000. Argan comprises approximately 1.6% of Norris Financial Group LLC's portfolio, making the stock its 19th largest position. Norris Financial Group LLC owned 0.06% of Argan as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its holdings in shares of Argan by 2.0% during the first quarter. International Assets Investment Management LLC now owns 775 shares of the construction company's stock worth $443,000 after buying an additional 15 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Argan by 5.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company's stock worth $170,000 after buying an additional 30 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its stake in shares of Argan by 0.6% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,030 shares of the construction company's stock worth $2,734,000 after buying an additional 30 shares in the last quarter. National Bank of Canada FI boosted its position in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company's stock worth $40,000 after acquiring an additional 31 shares during the last quarter. Finally, Spirepoint Private Client LLC boosted its position in Argan by 3.1% during the fourth quarter. Spirepoint Private Client LLC now owns 1,231 shares of the construction company's stock worth $386,000 after acquiring an additional 37 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.
Argan Price Performance
Shares of NYSE AGX opened at $579.70 on Friday. The company has a market capitalization of $8.13 billion, a P/E ratio of 50.94 and a beta of 0.57. The company has a 50 day simple moving average of $659.84 and a 200-day simple moving average of $557.02. Argan, Inc. has a 1 year low of $197.00 and a 1 year high of $805.75.
Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.93. The firm had revenue of $290.95 million for the quarter, compared to analysts' expectations of $256.03 million. Argan had a return on equity of 36.89% and a net margin of 15.48%.The firm's quarterly revenue was up 50.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 earnings per share. As a group, research analysts expect that Argan, Inc. will post 12.6 EPS for the current year.
Argan Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, July 23rd. Argan's dividend payout ratio is 17.57%.
Argan declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 8th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.
Analyst Ratings Changes
AGX has been the subject of a number of recent research reports. Zacks Research upgraded shares of Argan from a "hold" rating to a "strong-buy" rating in a report on Wednesday, June 24th. Weiss Ratings restated a "buy (b)" rating on shares of Argan in a report on Thursday, July 2nd. Finally, Lake Street Capital upped their price target on Argan from $375.00 to $600.00 and gave the company a "hold" rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Argan presently has a consensus rating of "Moderate Buy" and a consensus target price of $470.40.
Read Our Latest Research Report on AGX
Insider Buying and Selling at Argan
In related news, CFO Joshua Scott Baugher sold 760 shares of the firm's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $733.30, for a total transaction of $557,308.00. Following the completion of the sale, the chief financial officer directly owned 1,479 shares of the company's stock, valued at approximately $1,084,550.70. This trade represents a 33.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Hibbert Watson sold 9,993 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $651.22, for a total transaction of $6,507,641.46. Following the completion of the transaction, the chief executive officer directly owned 40,005 shares in the company, valued at $26,052,056.10. The trade was a 19.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 122,257 shares of company stock worth $84,241,605. Insiders own 2.99% of the company's stock.
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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