Argan, Inc. (NYSE:AGX) Shares Acquired by NewEdge Advisors LLC

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Century Companies Inc. grew its position in shares of Argan by 18.1% in the fourth 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 period. JPMorgan Chase & Co. boosted its holdings in Argan by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock worth $3,836,000 after buying an additional 15,681 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Argan during the 3rd quarter worth approximately $1,373,000. Victory Capital Management Inc. raised its holdings in shares of Argan by 28.5% during the fourth quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock valued at $2,400,000 after acquiring an additional 3,880 shares during the last quarter. Finally, Intech Investment Management LLC lifted its position in shares of Argan by 95.7% in the fourth quarter. Intech Investment Management LLC now owns 6,543 shares of the construction company's stock valued at $897,000 after acquiring an additional 3,199 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Argan Price Performance

AGX traded up $4.21 on Tuesday, reaching $169.59. 329,731 shares of the company's stock were exchanged, compared to its average volume of 306,973. Argan, Inc. has a twelve month low of $63.53 and a twelve month high of $191.46. The stock has a market cap of $2.31 billion, a PE ratio of 35.48 and a beta of 0.41. The stock's fifty day moving average price is $133.59 and its 200-day moving average price is $142.45.

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

Argan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.88%. Argan's dividend payout ratio (DPR) is 24.55%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

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.