1,585 Shares in Argan, Inc. (NYSE:AGX) Purchased by Carnegie Investment Counsel

Carnegie Investment Counsel bought a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,585 shares of the construction company's stock, valued at approximately $217,000.

A number of other hedge funds have also made changes to their positions in AGX. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Argan in the 3rd quarter worth approximately $43,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Argan during the second quarter worth $41,000. Copeland Capital Management LLC purchased a new stake in shares of Argan in the third quarter valued at $56,000. nVerses Capital LLC purchased a new stake in Argan in the 3rd quarter valued at about $91,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Argan in the second quarter worth approximately $70,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Argan Trading Up 1.3 %

AGX stock traded up $2.29 during trading on Monday, reaching $177.64. The stock had a trading volume of 360,159 shares, compared to its average volume of 227,323. The firm has a fifty day moving average price of $150.30 and a 200 day moving average price of $113.72. The company has a market capitalization of $2.41 billion, a P/E ratio of 37.16 and a beta of 0.56. Argan, Inc. has a 1-year low of $43.44 and a 1-year high of $181.37.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, beating 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 the consensus estimate of $225.60 million. The business's quarterly revenue was up 56.9% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 23rd will be paid a $0.375 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.84%. Argan's dividend payout ratio (DPR) is presently 31.38%.

Insider Activity at Argan

In other Argan news, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David Hibbert Watson sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total value of $1,460,500.00. Following the completion of the sale, the chief executive officer now owns 51,291 shares of the company's stock, 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 20,185 shares of company stock valued at $3,105,359 over the last ninety days. Corporate insiders own 11.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AGX shares. CJS Securities reaffirmed a "market perform" rating and issued a $150.00 target price on shares of Argan in a research report on Friday, December 6th. Lake Street Capital downgraded Argan from a "buy" rating to a "hold" rating and raised their target price for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. Finally, StockNews.com cut Argan from a "buy" rating to a "hold" rating in a report on Tuesday, October 29th.

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.