Northern Trust Corp Has $18.29 Million Position in Argan, Inc. (NYSE:AGX)

Northern Trust Corp lifted its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 133,494 shares of the construction company's stock after purchasing an additional 6,483 shares during the period. Northern Trust Corp owned approximately 0.98% of Argan worth $18,294,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AGX. Spire Wealth Management bought a new position in Argan in the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC bought a new position in Argan in the fourth quarter valued at $32,000. Global Retirement Partners LLC bought a new position in Argan in the fourth quarter valued at $35,000. Truvestments Capital LLC bought a new position in Argan in the fourth quarter valued at $57,000. Finally, Federated Hermes Inc. grew its position in Argan by 1,123.5% in the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock valued at $57,000 after purchasing an additional 382 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Stock Performance

Shares of AGX stock traded up $4.98 during midday trading on Friday, hitting $188.30. 430,616 shares of the company were exchanged, compared to its average volume of 313,729. Argan, Inc. has a 52 week low of $63.53 and a 52 week high of $191.46. The firm's 50 day moving average price is $142.87 and its two-hundred day moving average price is $145.05. The firm has a market capitalization of $2.57 billion, a P/E ratio of 39.39 and a beta of 0.42.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings data 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 net margin of 8.20% and a return on equity of 21.66%. The business 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were given a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.80%. The ex-dividend date was Tuesday, April 22nd. Argan's payout ratio is presently 24.55%.

Insider Activity

In related news, Director Peter W. Getsinger sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the transaction, the director now directly owns 11,496 shares in the company, valued at $1,667,264.88. This represents a 30.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Richard H. Deily sold 1,565 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 7,802 shares in the company, valued at $1,188,400.64. The trade was a 16.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,857 shares of company stock worth $1,308,133. 6.69% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.