Wells Fargo & Company MN Sells 50,931 Shares of Argan, Inc. (NYSE:AGX)

Wells Fargo & Company MN lowered its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 29.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 119,253 shares of the construction company's stock after selling 50,931 shares during the quarter. Wells Fargo & Company MN owned about 0.88% of Argan worth $16,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of AGX. Integrated Quantitative Investments LLC purchased a new position in shares of Argan during the 4th quarter worth approximately $456,000. Thoroughbred Financial Services LLC boosted its position in shares of Argan by 34.3% during the fourth quarter. Thoroughbred Financial Services LLC now owns 8,411 shares of the construction company's stock valued at $1,152,000 after purchasing an additional 2,150 shares in the last quarter. ExodusPoint Capital Management LP grew its stake in Argan by 141.1% in the fourth quarter. ExodusPoint Capital Management LP now owns 6,499 shares of the construction company's stock worth $891,000 after purchasing an additional 3,803 shares during the period. Geode Capital Management LLC raised its holdings in Argan by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 292,956 shares of the construction company's stock worth $40,156,000 after purchasing an additional 5,710 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Argan by 26.1% during the fourth quarter. Franklin Resources Inc. now owns 28,261 shares of the construction company's stock valued at $3,873,000 after buying an additional 5,855 shares during the period. 79.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 5,000 shares of the business'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 value 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. The trade was a 30.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.85% of the company's stock.

Argan Stock Performance

Shares of AGX traded down $2.53 during mid-day trading on Friday, reaching $146.19. The company had a trading volume of 686,844 shares, compared to its average volume of 295,873. Argan, Inc. has a 52 week low of $60.03 and a 52 week high of $191.46. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 30.58 and a beta of 0.45. The firm has a 50-day moving average price of $130.57 and a 200 day moving average price of $139.22.

Argan (NYSE:AGX - Get Free Report) last released its earnings results on Thursday, March 27th. The construction company reported $2.22 EPS 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 the consensus estimate of $197.50 million. Argan's revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd will be issued a $0.375 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $1.50 annualized dividend and a yield of 1.03%. Argan's dividend payout ratio (DPR) is presently 24.55%.

About Argan

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.