Barclays PLC Acquires 21,094 Shares of Argan, Inc. (NYSE:AGX)

Barclays PLC grew its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 46.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,341 shares of the construction company's stock after purchasing an additional 21,094 shares during the quarter. Barclays PLC owned about 0.49% of Argan worth $6,728,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Argan in the 2nd quarter worth approximately $41,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Argan during the third quarter worth $43,000. Copeland Capital Management LLC bought a new position in shares of Argan in the third quarter worth $56,000. Point72 DIFC Ltd purchased a new position in shares of Argan in the second quarter valued at $70,000. Finally, nVerses Capital LLC bought a new stake in shares of Argan during the 3rd quarter valued at $91,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insider Activity at Argan

In other news, Director Rainer H. Bosselmann sold 10,105 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the completion of the sale, the director now owns 219,879 shares of the company's stock, valued at approximately $28,606,257.90. This represents a 4.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Cynthia Flanders sold 5,000 shares of Argan stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total transaction of $481,950.00. Following the completion of the transaction, the director now directly owns 17,332 shares in the company, valued at approximately $1,670,631.48. The trade was a 22.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,703 shares of company stock valued at $3,360,994. Corporate insiders own 11.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AGX. CJS Securities restated a "market perform" rating and issued a $150.00 target price on shares of Argan in a research note on Friday, December 6th. StockNews.com lowered shares of Argan from a "buy" rating to a "hold" rating in a research report on Tuesday, October 29th. Finally, Lake Street Capital lowered shares of Argan from a "buy" rating to a "hold" rating and upped their target price for the stock from $85.00 to $150.00 in a report on Tuesday, December 3rd.

Argan Stock Up 0.7 %

NYSE:AGX traded up $0.97 during trading hours on Thursday, hitting $139.48. 243,867 shares of the company's stock traded hands, compared to its average volume of 182,708. Argan, Inc. has a 52 week low of $43.44 and a 52 week high of $165.33. The business's fifty day simple moving average is $141.50 and its two-hundred day simple moving average is $101.62. The firm has a market cap of $1.89 billion, a P/E ratio of 29.18 and a beta of 0.53.

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

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Thursday, January 23rd. Argan's payout ratio is currently 31.38%.

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.