Abacus FCF Advisors LLC raised its position in Argan, Inc. (NYSE:AGX - Free Report) by 46.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 42,572 shares of the construction company's stock after acquiring an additional 13,516 shares during the period. Abacus FCF Advisors LLC owned approximately 0.31% of Argan worth $5,834,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Amundi raised its holdings in Argan by 8.6% during the fourth quarter. Amundi now owns 859 shares of the construction company's stock worth $118,000 after purchasing an additional 68 shares in the last quarter. Savant Capital LLC increased its position in Argan by 1.3% during the 4th quarter. Savant Capital LLC now owns 10,552 shares of the construction company's stock worth $1,446,000 after purchasing an additional 133 shares during the period. Cerity Partners LLC raised its stake in shares of Argan by 3.7% during the 4th quarter. Cerity Partners LLC now owns 4,042 shares of the construction company's stock worth $545,000 after buying an additional 144 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in shares of Argan by 0.6% in the 4th quarter. Hillsdale Investment Management Inc. now owns 26,763 shares of the construction company's stock valued at $3,668,000 after buying an additional 150 shares during the period. Finally, Spire Wealth Management purchased a new stake in shares of Argan in the fourth quarter valued at approximately $26,000. Hedge funds and other 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 research report on Friday, March 28th.
Get Our Latest Report on Argan
Argan Price Performance
Argan stock traded up $10.66 during mid-day trading on Friday, reaching $148.66. The company had a trading volume of 421,659 shares, compared to its average volume of 290,936. The stock's 50-day simple moving average is $131.41 and its 200-day simple moving average is $138.14. Argan, Inc. has a 1 year low of $58.00 and a 1 year high of $191.46. The company has a market capitalization of $2.03 billion, a P/E ratio of 31.10 and a beta of 0.45.
Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $1.07. The firm had revenue of $232.47 million during the quarter, compared to the consensus estimate of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The firm's revenue was up 41.3% compared to the same quarter last year.
Argan Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, April 22nd. Argan's dividend payout ratio (DPR) is presently 24.55%.
Insider Buying and Selling
In related news, Director Peter W. Getsinger sold 7,385 shares of Argan stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the completion of the transaction, the director now directly owns 11,792 shares in the company, valued at $1,949,099.68. The trade was a 38.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.85% of the company's stock.
About Argan
(
Free Report)
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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