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

Nuveen Asset Management LLC raised its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 106.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,239 shares of the construction company's stock after acquiring an additional 41,859 shares during the quarter. Nuveen Asset Management LLC owned about 0.60% of Argan worth $11,133,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AGX. Spire Wealth Management acquired a new stake in shares of Argan in the fourth quarter worth $26,000. Farther Finance Advisors LLC acquired a new stake in shares of Argan during the 4th quarter worth about $32,000. Global Retirement Partners LLC bought a new stake in Argan during the 4th quarter worth about $35,000. Truvestments Capital LLC bought a new stake in Argan during the 4th quarter worth about $57,000. Finally, Federated Hermes Inc. grew its holdings in Argan by 1,123.5% during the 4th quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after acquiring an additional 382 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Argan Trading Down 0.9%

Shares of NYSE AGX traded down $1.99 during midday trading on Thursday, reaching $207.70. The company's stock had a trading volume of 413,189 shares, compared to its average volume of 323,238. Argan, Inc. has a fifty-two week low of $63.53 and a fifty-two week high of $217.50. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 43.45 and a beta of 0.42. The stock has a 50 day simple moving average of $155.76 and a 200-day simple moving average of $148.11.

Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $1.07. The business had revenue of $232.47 million for 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%. Argan's revenue was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were issued a $0.375 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.72%. Argan's dividend payout ratio is currently 24.55%.

Insider Buying and Selling at Argan

In related news, CFO Richard H. Deily sold 1,565 shares of the company's stock in a transaction dated 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 sale, the chief financial officer now owns 7,802 shares of the company's stock, valued at $1,188,400.64. This represents a 16.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter W. Getsinger sold 5,000 shares of the company's stock in a transaction dated 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 directly owns 11,496 shares of the company's stock, valued at $1,667,264.88. This represents a 30.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,857 shares of company stock worth $1,308,133 over the last ninety days. Insiders own 6.69% of the company's stock.

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.