Allspring Global Investments Holdings LLC Sells 39,138 Shares of Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC cut its stake in Argan, Inc. (NYSE:AGX - Free Report) by 68.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,398 shares of the construction company's stock after selling 39,138 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.14% of Argan worth $2,637,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Spire Wealth Management bought a new stake in Argan in the 4th quarter worth about $26,000. KBC Group NV purchased a new position in Argan in the fourth quarter worth $93,000. FMR LLC grew its stake in Argan by 68.2% in the 3rd quarter. FMR LLC now owns 1,033 shares of the construction company's stock valued at $105,000 after purchasing an additional 419 shares during the period. Pallas Capital Advisors LLC purchased a new stake in shares of Argan during the 3rd quarter valued at $186,000. Finally, Leavell Investment Management Inc. bought a new stake in shares of Argan during the 3rd quarter worth $203,000. Institutional investors own 79.43% of the company's stock.

Argan Stock Down 1.0 %

Shares of NYSE:AGX traded down $1.24 during midday trading on Tuesday, reaching $125.25. 484,531 shares of the company traded hands, compared to its average volume of 481,256. Argan, Inc. has a 12 month low of $46.15 and a 12 month high of $191.46. The firm's fifty day moving average price is $150.21 and its two-hundred day moving average price is $127.56. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 26.20 and a beta of 0.56.

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Argan (NYSE:AGX - Get Free Report) last posted its earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.74. The business had revenue of $257.00 million for the quarter, compared to analysts' expectations of $225.60 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. Argan's quarterly revenue was up 56.9% compared to the same quarter last year.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 23rd were paid a $0.375 dividend. The ex-dividend date was Thursday, January 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 1.20%. Argan's dividend payout ratio is currently 31.38%.

Insider Activity

In other Argan news, CEO David Hibbert Watson sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the transaction, the chief executive officer now directly owns 51,291 shares in the company, valued at $7,491,050.55. This trade represents a 16.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard H. Deily sold 2,000 shares of the company's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 9,367 shares of the company's stock, valued at $1,405,050. This trade represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,185 shares of company stock worth $3,105,359. 11.85% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AGX shares. StockNews.com lowered shares of Argan from a "buy" rating to a "hold" rating in a research report on Tuesday, October 29th. CJS Securities reissued a "market perform" rating and set a $150.00 price objective on shares of Argan in a report on Friday, December 6th. Finally, Lake Street Capital lowered Argan from a "buy" rating to a "hold" rating and boosted their target price for the company from $85.00 to $150.00 in a research note on Tuesday, December 3rd.

Argan Company 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.