30,610 Shares in Argan, Inc. (NYSE:AGX) Bought by First Trust Advisors LP

First Trust Advisors LP acquired a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,610 shares of the construction company's stock, valued at approximately $4,195,000. First Trust Advisors LP owned 0.23% of Argan at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Spire Wealth Management purchased a new stake in shares of Argan in the 4th quarter valued at approximately $26,000. Farther Finance Advisors LLC acquired a new stake in Argan in the fourth quarter valued at $32,000. Global Retirement Partners LLC purchased a new stake in Argan during the 4th quarter worth about $35,000. Truvestments Capital LLC purchased a new stake in Argan during the 4th quarter worth about $57,000. Finally, Federated Hermes Inc. boosted its position in shares of 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 in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Trading Up 1.4 %

Shares of Argan stock traded up $2.29 during trading hours on Thursday, hitting $170.19. 69,672 shares of the company were exchanged, compared to its average volume of 306,826. The business has a 50-day moving average of $134.34 and a 200-day moving average of $142.62. Argan, Inc. has a 1 year low of $63.53 and a 1 year high of $191.46. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 35.60 and a beta of 0.42.

Argan (NYSE:AGX - Get Free Report) last released its earnings results on Thursday, March 27th. The construction company reported $2.22 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $197.50 million. The company's revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Tuesday, April 22nd. Argan's payout ratio is 24.55%.

Analyst Ratings Changes

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

Insider Transactions at Argan

In other Argan news, Director Peter W. Getsinger sold 5,000 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total transaction of $725,150.00. Following the transaction, the director now directly owns 11,496 shares in the company, valued at approximately $1,667,264.88. This represents a 30.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total value of $238,380.80. Following the sale, the chief financial officer now owns 7,802 shares of the company's stock, valued at approximately $1,188,400.64. This represents a 16.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 8,857 shares of company stock valued at $1,308,133. Corporate insiders own 11.85% of the company's stock.

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.