Argan, Inc. (NYSE:AGX) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P lowered its position in shares of Argan, Inc. (NYSE:AGX - Free Report) by 36.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,249 shares of the construction company's stock after selling 10,260 shares during the quarter. Martingale Asset Management L P owned 0.14% of Argan worth $1,851,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Argan during the third quarter worth about $43,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Argan during the 2nd quarter worth approximately $41,000. Copeland Capital Management LLC acquired a new position in Argan during the 3rd quarter worth approximately $56,000. nVerses Capital LLC purchased a new position in shares of Argan during the 3rd quarter worth approximately $91,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Argan in the 2nd quarter valued at approximately $70,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Insider Buying and Selling at Argan

In related news, Director William F. Leimkuhler sold 10,000 shares of Argan stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the transaction, the director now directly owns 35,852 shares in the company, valued at $3,448,962.40. The trade was a 21.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rainer H. Bosselmann sold 10,105 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $130.10, for a total value of $1,314,660.50. Following the sale, the director now owns 219,879 shares in the company, valued at approximately $28,606,257.90. This trade represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,703 shares of company stock valued at $4,257,794. Insiders own 11.85% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Argan from a "buy" rating to a "hold" rating in a report on Tuesday, October 29th.

Argan Stock Up 0.6 %

Shares of NYSE AGX traded up $0.89 during midday trading on Friday, hitting $155.94. The company had a trading volume of 122,927 shares, compared to its average volume of 281,360. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 49.04 and a beta of 0.49. Argan, Inc. has a twelve month low of $39.74 and a twelve month high of $165.33. The business has a 50-day simple moving average of $130.07 and a two-hundred day simple moving average of $94.49.

Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.34. The company had revenue of $227.02 million during the quarter, compared to the consensus estimate of $191.05 million. Argan had a net margin of 6.11% and a return on equity of 14.80%. Argan's revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were issued a $0.375 dividend. This is a positive change from Argan's previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, October 23rd. This represents a $1.50 annualized dividend and a yield of 0.96%. Argan's dividend payout ratio is 47.17%.

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.