Freedom Investment Management Inc. Invests $295,000 in Argan, Inc. (NYSE:AGX)

Freedom Investment Management Inc. acquired a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,154 shares of the construction company's stock, valued at approximately $295,000.

Other large investors also recently modified their holdings of the company. Spire Wealth Management bought a new stake in Argan in the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC purchased a new position in shares of Argan in the fourth quarter worth $32,000. Global Retirement Partners LLC bought a new stake in Argan during the 4th quarter valued at $35,000. Truvestments Capital LLC purchased a new stake in Argan during the 4th quarter valued at $57,000. Finally, Federated Hermes Inc. grew its holdings in 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 during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Stock Up 1.7 %

Shares of AGX traded up $2.46 during mid-day trading on Friday, hitting $151.12. 243,122 shares of the company's stock traded hands, compared to its average volume of 300,571. The business's 50-day moving average price is $129.87 and its 200-day moving average price is $140.40. Argan, Inc. has a 1 year low of $60.03 and a 1 year high of $191.46. The firm has a market capitalization of $2.06 billion, a P/E ratio of 31.61 and a beta of 0.45.

Argan (NYSE:AGX - Get Free Report) last announced its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating 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 firm had revenue of $232.47 million for the quarter, compared to analyst estimates of $197.50 million. The business's revenue was up 41.3% compared to the same quarter last year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Tuesday, April 22nd. Argan's payout ratio is presently 24.55%.

Insider Activity

In related news, Director Peter W. Getsinger sold 2,292 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $150.35, for a total transaction of $344,602.20. Following the sale, the director now owns 9,500 shares of the company's stock, valued at $1,428,325. The trade was a 19.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.85% of the stock is currently owned by company insiders.

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 objective for the company in a research note on Friday, March 28th.

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.