Renaissance Technologies LLC Buys 116,783 Shares of Argan, Inc. (NYSE:AGX)

Renaissance Technologies LLC raised its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 21.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 672,579 shares of the construction company's stock after purchasing an additional 116,783 shares during the period. Renaissance Technologies LLC owned 4.96% of Argan worth $92,170,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AGX. Spire Wealth Management purchased a new stake in Argan in the fourth quarter worth $26,000. Farther Finance Advisors LLC purchased a new position in Argan during the fourth quarter valued at $32,000. Global Retirement Partners LLC bought a new stake in shares of Argan during the 4th quarter valued at $35,000. Truvestments Capital LLC bought a new stake in shares of Argan during the 4th quarter valued at $57,000. Finally, Federated Hermes Inc. increased its stake in shares of Argan by 1,123.5% in the 4th quarter. Federated Hermes Inc. now owns 416 shares of the construction company's stock worth $57,000 after acquiring an additional 382 shares in the last quarter. Institutional investors own 79.43% of the company's stock.

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 price target for the company in a research report on Friday, March 28th.

Remove Ads

Argan Stock Performance

Shares of AGX traded up $0.86 during trading hours on Monday, hitting $149.03. The company had a trading volume of 147,983 shares, compared to its average volume of 446,742. The firm has a fifty day moving average price of $131.41 and a 200-day moving average price of $138.14. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 31.18 and a beta of 0.45. Argan, Inc. has a 52-week low of $58.00 and a 52-week high of $191.46.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $1.07. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $232.47 million during the quarter, compared to analyst estimates of $197.50 million. Argan's revenue was up 41.3% on a year-over-year basis.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Tuesday, April 22nd. Argan's dividend payout ratio (DPR) is 24.55%.

Insider Activity at Argan

In related news, Director Peter W. Getsinger sold 7,385 shares of Argan stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the completion of the sale, the director now owns 11,792 shares of the company's stock, valued at $1,949,099.68. The trade was a 38.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.85% of the stock is owned by insiders.

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.