Spirepoint Private Client LLC Takes Position in Argan, Inc. $AGX

Key Points

• Spirepoint Private Client LLC has acquired a new position in Argan, Inc. by purchasing 1,189 shares valued at approximately $262,000.
• Analysts have increased price targets for Argan, with Lake Street Capital raising its target from $236.00 to $260.00 and giving the stock a "buy" rating.
• Argan announced a quarterly dividend of $0.50 per share, payable on October 31st, reflecting an increase from the previous dividend of $0.38.

Spirepoint Private Client LLC purchased a new position in Argan, Inc. (NYSE:AGX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,189 shares of the construction company's stock, valued at approximately $262,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in Argan by 2,987.5% in the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company's stock worth $32,000 after buying an additional 239 shares during the period. State of Wyoming acquired a new position in Argan in the 1st quarter worth approximately $109,000. Caitong International Asset Management Co. Ltd increased its holdings in Argan by 16,640.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company's stock worth $110,000 after buying an additional 832 shares during the period. Nisa Investment Advisors LLC increased its holdings in Argan by 12.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company's stock worth $139,000 after buying an additional 119 shares during the period. Finally, Kings Path Partners LLC acquired a new position in Argan in the 2nd quarter worth approximately $170,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Lake Street Capital increased their price target on shares of Argan from $236.00 to $260.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Wall Street Zen upgraded shares of Argan from a "hold" rating to a "buy" rating in a report on Friday, September 5th. JPMorgan Chase & Co. initiated coverage on shares of Argan in a research note on Monday, July 21st. They set a "neutral" rating and a $220.00 price objective on the stock. Finally, Glj Research initiated coverage on shares of Argan in a research note on Monday. They set a "hold" rating and a $251.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $220.25.

Argan Price Performance

Shares of NYSE:AGX opened at $266.23 on Friday. Argan, Inc. has a 1 year low of $98.51 and a 1 year high of $270.11. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 32.00 and a beta of 0.62. The business's 50 day moving average price is $232.58 and its 200-day moving average price is $194.98.

Argan (NYSE:AGX - Get Free Report) last announced its earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.51. The firm had revenue of $237.74 million for the quarter, compared to analyst estimates of $243.97 million. Argan had a return on equity of 32.61% and a net margin of 12.73%.The business's revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.31 EPS.

Argan Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 23rd. This is a positive change from Argan's previous quarterly dividend of $0.38. Argan's dividend payout ratio is 18.03%.

Insider Activity

In related news, Director Karen Sweeney sold 390 shares of the firm's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $264.25, for a total transaction of $103,057.50. Following the completion of the sale, the director directly owned 1,315 shares of the company's stock, valued at approximately $347,488.75. This trade represents a 22.87% 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, CFO Richard H. Deily sold 1,604 shares of Argan stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $242.77, for a total value of $389,403.08. Following the completion of the transaction, the chief financial officer directly owned 7,802 shares of the company's stock, valued at approximately $1,894,091.54. This represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,385 shares of company stock worth $13,320,499. 6.69% of the stock is currently owned by corporate 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.

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