Argan, Inc. (NYSE:AGX) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 2.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 292,956 shares of the construction company's stock after buying an additional 5,710 shares during the quarter. Geode Capital Management LLC owned about 2.16% of Argan worth $40,156,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of AGX. Bank of New York Mellon Corp increased its holdings in shares of Argan by 80.3% in the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company's stock valued at $25,549,000 after purchasing an additional 83,039 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Argan by 37.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock valued at $40,475,000 after buying an additional 80,844 shares during the period. American Century Companies Inc. raised its position in Argan by 18.1% during the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock worth $65,869,000 after buying an additional 73,654 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Argan in the third quarter valued at about $6,687,000. Finally, WCM Investment Management LLC acquired a new position in shares of Argan during the fourth quarter worth about $8,241,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 5,000 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the sale, the director now owns 11,496 shares of the company's stock, valued at approximately $1,667,264.88. This represents a 30.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.85% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $150.00 target price on the stock in a research report on Friday, March 28th.

Argan Stock Down 1.7 %

Shares of NYSE AGX traded down $2.53 during midday trading on Friday, hitting $146.19. The company had a trading volume of 686,844 shares, compared to its average volume of 295,873. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 30.58 and a beta of 0.45. Argan, Inc. has a twelve month low of $60.03 and a twelve month high of $191.46. The business has a 50-day simple moving average of $130.57 and a two-hundred day simple moving average of $139.22.

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

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Tuesday, April 22nd. Argan's dividend payout ratio is currently 24.55%.

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.