Raymond James & Associates Cuts Stock Holdings in Argan, Inc. (NYSE:AGX)

Raymond James & Associates decreased its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 25.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 89,866 shares of the construction company's stock after selling 30,475 shares during the period. Raymond James & Associates owned approximately 0.67% of Argan worth $4,205,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AGX. Wellington Management Group LLP raised its holdings in Argan by 123.2% in the 1st quarter. Wellington Management Group LLP now owns 214,700 shares of the construction company's stock valued at $8,689,000 after acquiring an additional 118,500 shares during the last quarter. State Street Corp increased its holdings in shares of Argan by 27.9% during the 1st quarter. State Street Corp now owns 376,082 shares of the construction company's stock worth $15,265,000 after buying an additional 82,024 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Argan by 9.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company's stock worth $30,976,000 after buying an additional 69,059 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Argan by 73.0% during the 1st quarter. Wasatch Advisors LP now owns 151,726 shares of the construction company's stock worth $6,140,000 after buying an additional 64,007 shares during the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Argan by 44.5% during the 1st quarter. Royce & Associates LP now owns 160,327 shares of the construction company's stock worth $6,488,000 after buying an additional 49,350 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

Argan Stock Performance

Shares of NYSE AGX traded up $10.56 during midday trading on Friday, reaching $59.91. 557,542 shares of the stock were exchanged, compared to its average volume of 66,991. The company has a 50 day simple moving average of $48.20 and a 200 day simple moving average of $46.52. The stock has a market capitalization of $798.60 million, a P/E ratio of 23.96 and a beta of 0.49. Argan, Inc. has a twelve month low of $37.37 and a twelve month high of $61.79.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.14. The firm had revenue of $164.55 million during the quarter, compared to analysts' expectations of $162.05 million. Argan had a net margin of 6.44% and a return on equity of 12.04%. The firm's quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.46) EPS.

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.00%. Argan's payout ratio is currently 48.00%.

Wall Street Analyst Weigh In

Separately, Lake Street Capital raised their price target on shares of Argan from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Friday.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.