NewEdge Advisors LLC Has $334,000 Stock Holdings in Argan, Inc. (NYSE:AGX)

NewEdge Advisors LLC increased its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 1,567.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,435 shares of the construction company's stock after purchasing an additional 2,289 shares during the quarter. NewEdge Advisors LLC's holdings in Argan were worth $334,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Townsquare Capital LLC acquired a new position in shares of Argan during the 4th quarter worth approximately $389,000. Raymond James Financial Inc. bought a new position in shares of Argan in the fourth quarter valued at $8,002,000. Advisory Services Network LLC acquired a new position in Argan during the fourth quarter worth $287,000. Abacus FCF Advisors LLC raised its position in Argan by 46.5% during the fourth quarter. Abacus FCF Advisors LLC now owns 42,572 shares of the construction company's stock worth $5,834,000 after acquiring an additional 13,516 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after acquiring an additional 116,783 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Insiders Place Their Bets

In other news, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction 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 completion of the sale, the chief financial officer now owns 7,802 shares of the company's stock, valued at approximately $1,188,400.64. This trade represents a 16.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 2,292 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $150.35, for a total transaction of $344,602.20. Following the completion of the transaction, the director now owns 9,500 shares in the company, valued at $1,428,325. This trade represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,857 shares of company stock worth $1,308,133 over the last three months. Insiders own 11.85% of the company's stock.

Analyst Upgrades and Downgrades

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

Argan Stock Up 3.1 %

Shares of NYSE AGX traded up $4.96 during midday trading on Friday, hitting $163.76. 397,078 shares of the company's stock were exchanged, compared to its average volume of 305,489. Argan, Inc. has a 12 month low of $60.38 and a 12 month high of $191.46. The company's 50 day moving average price is $132.03 and its 200 day moving average price is $141.82. The firm has a market capitalization of $2.23 billion, a PE ratio of 34.26 and a beta of 0.41.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 EPS for the quarter, beating the consensus estimate of $1.15 by $1.07. The firm had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm's quarterly revenue was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a yield of 0.92%. Argan's dividend payout ratio (DPR) is presently 24.55%.

Argan 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.