Allspring Global Investments Holdings LLC boosted its stake in Argan, Inc. (NYSE:AGX - Free Report) by 360.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,005 shares of the construction company's stock after buying an additional 14,092 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.14% of Argan worth $842,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. New York State Teachers Retirement System bought a new stake in shares of Argan in the 4th quarter valued at approximately $53,000. DekaBank Deutsche Girozentrale bought a new stake in Argan in the fourth quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Argan by 68.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,720 shares of the construction company's stock worth $169,000 after purchasing an additional 1,511 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Argan during the 3rd quarter valued at $265,000. Finally, Watershed Asset Management L.L.C. acquired a new stake in shares of Argan in the 3rd quarter valued at $268,000. Institutional investors and hedge funds own 79.43% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have commented on AGX shares. Lake Street Capital increased their target price on shares of Argan from $61.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, April 12th. StockNews.com upgraded Argan from a "buy" rating to a "strong-buy" rating in a report on Monday, April 15th.
Read Our Latest Report on AGX
Insider Transactions at Argan
In related news, Chairman William F. Griffin, Jr. sold 15,000 shares of the business's stock in a transaction on Friday, April 12th. The stock was sold at an average price of $59.99, for a total value of $899,850.00. Following the sale, the chairman now owns 14,150 shares of the company's stock, valued at approximately $848,858.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Chairman William F. Griffin, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $59.99, for a total transaction of $899,850.00. Following the sale, the chairman now directly owns 14,150 shares in the company, valued at approximately $848,858.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director W G. Champion Mitchell sold 13,143 shares of the firm's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total value of $790,814.31. Following the sale, the director now directly owns 5,197 shares of the company's stock, valued at $312,703.49. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,606 shares of company stock valued at $2,394,182. Corporate insiders own 11.53% of the company's stock.
Argan Price Performance
Shares of AGX traded up $0.10 on Thursday, reaching $61.31. 82,741 shares of the stock traded hands, compared to its average volume of 73,827. The firm has a market cap of $811.74 million, a price-to-earnings ratio of 25.61 and a beta of 0.49. Argan, Inc. has a 12 month low of $37.37 and a 12 month high of $62.69. The stock's 50-day moving average price is $50.96 and its 200-day moving average price is $47.46.
Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.14. Argan had a net margin of 5.64% and a return on equity of 11.37%. The company had revenue of $164.55 million during the quarter, compared to analysts' expectations of $162.05 million. During the same quarter in the prior year, the company posted ($0.46) EPS. The business's revenue was up 38.5% on a year-over-year basis.
Argan Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 22nd will be paid a $0.30 dividend. The ex-dividend date is Friday, April 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.96%. Argan's dividend payout ratio is currently 50.21%.
Argan Profile
(
Free Report)
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.
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