58,390 Shares in Argan, Inc. (NYSE:AGX) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 58,390 shares of the construction company's stock, valued at approximately $8,002,000. Raymond James Financial Inc. owned approximately 0.43% of Argan at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Advisory Services Network LLC bought a new stake in Argan during the fourth quarter valued at about $287,000. Abacus FCF Advisors LLC lifted its position in shares of Argan by 46.5% during the fourth quarter. Abacus FCF Advisors LLC now owns 42,572 shares of the construction company's stock valued at $5,834,000 after buying an additional 13,516 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Argan by 21.0% in the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company's stock valued at $92,170,000 after buying an additional 116,783 shares in the last quarter. Legal & General Group Plc grew its position in shares of Argan by 2.1% in the 4th quarter. Legal & General Group Plc now owns 15,708 shares of the construction company's stock worth $2,153,000 after buying an additional 319 shares during the last quarter. Finally, Polymer Capital Management US LLC purchased a new stake in Argan during the fourth quarter valued at approximately $227,000. Institutional investors own 79.43% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Argan news, Director Peter W. Getsinger sold 5,000 shares of Argan stock in a transaction dated Wednesday, April 16th. The stock was 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 owns 11,496 shares in the company, valued at approximately $1,667,264.88. This trade represents a 30.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 11.85% of the stock is currently owned by insiders.

Argan Stock Up 2.9 %

AGX opened at $133.73 on Wednesday. The firm's 50-day moving average price is $129.88 and its 200-day moving average price is $139.82. The company has a market cap of $1.82 billion, a P/E ratio of 27.98 and a beta of 0.45. Argan, Inc. has a 52-week low of $60.03 and a 52-week high of $191.46.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data 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 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 the consensus estimate of $197.50 million. The firm's revenue was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd will be given a $0.375 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a yield of 1.12%. Argan's dividend payout ratio is currently 24.55%.

Argan 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.

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