SteelPeak Wealth LLC Acquires 1,462 Shares of Argan, Inc. $AGX

Key Points

• SteelPeak Wealth LLC increased its stake in Argan, Inc. by 21.5% in Q2, acquiring an additional 1,462 shares, bringing its total holdings to 8,273 shares valued at approximately $1.82 million.
• Argan announced a quarterly dividend of $0.50 per share, which is an increase from the previous dividend of $0.38, with a dividend yield of 0.7%.
• In its latest earnings report, Argan beat EPS estimates with $2.50 per share, while revenue was slightly below expectations at $237.74 million, marking a 4.7% year-over-year increase.

SteelPeak Wealth LLC grew its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 21.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,273 shares of the construction company's stock after acquiring an additional 1,462 shares during the period. SteelPeak Wealth LLC owned about 0.06% of Argan worth $1,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Argan by 26.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,977 shares of the construction company's stock valued at $522,000 after acquiring an additional 839 shares during the period. Sierra Summit Advisors LLC bought a new stake in shares of Argan during the 1st quarter valued at $667,000. Nomura Holdings Inc. grew its position in shares of Argan by 810.0% during the 1st quarter. Nomura Holdings Inc. now owns 69,184 shares of the construction company's stock valued at $9,075,000 after acquiring an additional 61,581 shares during the period. SG Americas Securities LLC grew its position in shares of Argan by 362.2% during the 1st quarter. SG Americas Securities LLC now owns 4,969 shares of the construction company's stock valued at $652,000 after acquiring an additional 3,894 shares during the period. Finally, Entropy Technologies LP bought a new position in Argan in the 1st quarter worth $551,000. Institutional investors own 79.43% of the company's stock.

Argan Stock Up 1.8%

Shares of AGX stock opened at $268.24 on Wednesday. The stock has a market cap of $3.70 billion, a P/E ratio of 32.24 and a beta of 0.64. Argan, Inc. has a 52 week low of $101.02 and a 52 week high of $283.35. The company's fifty day simple moving average is $239.05 and its two-hundred day simple moving average is $202.82.

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

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 0.7%. This is a positive change from Argan's previous quarterly dividend of $0.38. Argan's dividend payout ratio is currently 18.03%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Glj Research assumed coverage on shares of Argan in a report on Monday, September 22nd. They issued a "hold" rating and a $251.00 target price for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Argan in a report on Saturday, September 27th. Wall Street Zen raised shares of Argan from a "hold" rating to a "buy" rating in a report on Friday, September 5th. JPMorgan Chase & Co. assumed coverage on shares of Argan in a report on Monday, July 21st. They issued a "neutral" rating and a $220.00 target price for the company. Finally, Lake Street Capital upped their target price on shares of Argan from $236.00 to $260.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $220.25.

Insider Activity

In other news, CEO Charles Edwin Iv Collins sold 5,000 shares of the company's stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $267.00, for a total transaction of $1,335,000.00. Following the sale, the chief executive officer directly owned 21,006 shares in the company, valued at approximately $5,608,602. This represents a 19.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Sweeney sold 390 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $264.25, for a total transaction of $103,057.50. Following the sale, the director owned 1,315 shares in the company, valued at $347,488.75. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 71,027 shares of company stock worth $18,492,595. 6.69% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.