Bank of New York Mellon Corp Grows Stake in Argan, Inc. (NYSE:AGX)

Bank of New York Mellon Corp grew its position in Argan, Inc. (NYSE:AGX - Free Report) by 80.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 186,437 shares of the construction company's stock after buying an additional 83,039 shares during the quarter. Bank of New York Mellon Corp owned 1.37% of Argan worth $25,549,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Spire Wealth Management bought a new stake in shares of Argan in the fourth quarter valued at about $26,000. Global Retirement Partners LLC purchased a new stake in shares of Argan in the 4th quarter worth approximately $35,000. KBC Group NV bought a new position in shares of Argan during the fourth quarter valued at approximately $93,000. FMR LLC increased its holdings in Argan by 68.2% during the third quarter. FMR LLC now owns 1,033 shares of the construction company's stock valued at $105,000 after buying an additional 419 shares during the period. Finally, Carnegie Investment Counsel bought a new position in Argan in the fourth quarter worth approximately $217,000. Institutional investors own 79.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AGX. Lake Street Capital cut Argan from a "buy" rating to a "hold" rating and increased their target price for the company from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities reaffirmed a "market perform" rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th.

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Argan Stock Down 2.3 %

NYSE:AGX opened at $113.57 on Monday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 23.76 and a beta of 0.58. Argan, Inc. has a 52 week low of $47.42 and a 52 week high of $191.46. The firm has a 50 day moving average of $146.83 and a 200 day moving average of $130.83.

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

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $1.50 annualized dividend and a dividend yield of 1.32%. Argan's dividend payout ratio (DPR) is currently 31.38%.

Insider Activity

In related news, Director Peter W. Getsinger sold 800 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $155.24, for a total value of $124,192.00. Following the sale, the director now owns 19,177 shares in the company, valued at $2,977,037.48. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Hibbert Watson sold 10,000 shares of the company's stock in a transaction 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 completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 20,185 shares of company stock worth $3,105,359 over the last 90 days. 11.85% of the stock is currently owned by corporate 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.

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