Argan, Inc. (NYSE:AGX) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. raised its position in shares of Argan, Inc. (NYSE:AGX - Free Report) by 416.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,949 shares of the construction company's stock after buying an additional 19,310 shares during the quarter. Point72 Asset Management L.P. owned about 0.18% of Argan worth $3,282,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. American Century Companies Inc. raised its position in shares of Argan by 18.1% in the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after purchasing an additional 73,654 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Argan by 28.5% in the 4th quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock valued at $2,400,000 after purchasing an additional 3,880 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Argan by 95.7% in the 4th quarter. Intech Investment Management LLC now owns 6,543 shares of the construction company's stock valued at $897,000 after purchasing an additional 3,199 shares during the last quarter. Thoroughbred Financial Services LLC raised its position in shares of Argan by 34.3% in the 4th quarter. Thoroughbred Financial Services LLC now owns 8,411 shares of the construction company's stock valued at $1,152,000 after purchasing an additional 2,150 shares during the last quarter. Finally, Nkcfo LLC purchased a new position in shares of Argan in the 4th quarter valued at approximately $247,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Argan

In other news, Director Peter W. Getsinger sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 16th. The shares were 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 $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 is available through this link. Also, CFO Richard H. Deily sold 1,565 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total transaction 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. The trade was 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 in the last 90 days. 6.69% of the stock is currently owned by company insiders.

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 price target for the company in a research report on Friday, March 28th.

Argan Price Performance

AGX traded up $6.14 during trading on Friday, reaching $203.11. 369,065 shares of the company's stock were exchanged, compared to its average volume of 319,502. Argan, Inc. has a 1 year low of $63.53 and a 1 year high of $205.57. The stock has a market capitalization of $2.77 billion, a P/E ratio of 42.49 and a beta of 0.42. The company's fifty day simple moving average is $150.54 and its 200-day simple moving average is $147.04.

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

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a dividend of $0.375 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.74%. Argan's payout ratio is 24.55%.

About Argan

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.