Nuveen LLC Makes New $9.96 Million Investment in Argan, Inc. $AGX

Key Points

• Nuveen LLC has acquired a new position in Argan, Inc. by purchasing 75,920 shares valued at about $9.96 million, representing 0.56% of the company's stock.
• Multiple hedge funds have made significant changes to their holdings in Argan, with several increasing their stakes by substantial percentages, pointing to growing institutional interest.
• Argan's stock recently experienced a 1.9% increase, currently has a market cap of $3.03 billion, and reported a 22.8% year-over-year revenue increase for its most recent quarter.

Nuveen LLC acquired a new stake in Argan, Inc. (NYSE:AGX - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 75,920 shares of the construction company's stock, valued at approximately $9,958,000. Nuveen LLC owned about 0.56% of Argan at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AGX. Larson Financial Group LLC increased its holdings in shares of Argan by 2,987.5% in the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock valued at $32,000 after purchasing an additional 239 shares during the last quarter. McIlrath & Eck LLC increased its holdings in shares of Argan by 419.4% in the fourth quarter. McIlrath & Eck LLC now owns 374 shares of the construction company's stock valued at $51,000 after purchasing an additional 302 shares during the last quarter. State of Tennessee Department of Treasury acquired a new position in shares of Argan in the fourth quarter valued at $138,000. Nisa Investment Advisors LLC increased its holdings in shares of Argan by 12.7% in the first quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock valued at $139,000 after purchasing an additional 119 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Argan in the fourth quarter valued at $178,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Price Performance

AGX traded up $15.37 on Thursday, hitting $242.24. 493,345 shares of the stock were exchanged, compared to its average volume of 313,377. Argan, Inc. has a 12 month low of $69.81 and a 12 month high of $253.79. The business has a 50-day moving average of $220.54 and a two-hundred day moving average of $179.35. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 33.97 and a beta of 0.59.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.51. Argan had a net margin of 11.00% and a return on equity of 29.61%. The business had revenue of $193.66 million during the quarter, compared to analysts' expectations of $193.75 million. During the same quarter in the prior year, the business posted $0.58 earnings per share. Argan's revenue was up 22.8% compared to the same quarter last year.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, July 23rd. This represents a $1.50 annualized dividend and a yield of 0.6%. Argan's dividend payout ratio is currently 21.04%.

Analysts Set New Price Targets

Several equities analysts have commented on AGX shares. Lake Street Capital upped their price objective on shares of Argan from $150.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Kepler Capital Markets downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th. Wall Street Zen downgraded shares of Argan from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Argan in a research note on Monday, July 21st. They issued a "neutral" rating and a $220.00 price target on the stock. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Argan currently has a consensus rating of "Hold" and a consensus target price of $202.00.

Insider Buying and Selling at Argan

In related news, CEO Charles Edwin Iv Collins sold 5,000 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $245.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the chief executive officer owned 14,506 shares of the company's stock, valued at $3,553,970. This represents a 25.63% 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 Cynthia Flanders sold 2,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $234.56, for a total transaction of $469,120.00. Following the sale, the director directly owned 31,428 shares of the company's stock, valued at $7,371,751.68. This represents a 5.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,564 shares of company stock valued at $21,046,366 over the last three months. 6.69% of the stock is owned by insiders.

Argan Company 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.