Martingale Asset Management L P Trims Holdings in Argan, Inc. (NYSE:AGX)

Martingale Asset Management L P cut its holdings in shares of Argan, Inc. (NYSE:AGX - Free Report) by 17.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,108 shares of the construction company's stock after selling 3,141 shares during the quarter. Martingale Asset Management L P owned 0.11% of Argan worth $2,070,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in Argan by 18.1% during the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after buying an additional 73,654 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Argan by 70.8% during the third quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock valued at $3,836,000 after acquiring an additional 15,681 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Argan during the third quarter worth about $1,373,000. Victory Capital Management Inc. boosted its holdings in shares of Argan by 28.5% during the fourth quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock worth $2,400,000 after purchasing an additional 3,880 shares during the period. Finally, Intech Investment Management LLC grew its stake in shares of Argan by 95.7% in the fourth quarter. Intech Investment Management LLC now owns 6,543 shares of the construction company's stock worth $897,000 after purchasing an additional 3,199 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

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

Argan Price Performance

AGX traded down $2.42 on Tuesday, hitting $145.19. The company had a trading volume of 211,742 shares, compared to its average volume of 291,452. The stock has a fifty day simple moving average of $131.50 and a 200-day simple moving average of $138.47. The firm has a market capitalization of $1.98 billion, a P/E ratio of 30.37 and a beta of 0.45. Argan, Inc. has a 52-week low of $58.00 and a 52-week high of $191.46.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $1.07. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company had revenue of $232.47 million for the quarter, compared to analyst estimates of $197.50 million. The firm's quarterly 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. Shareholders of record on Tuesday, April 22nd will be issued a $0.375 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $1.50 annualized dividend and a yield of 1.03%. Argan's dividend payout ratio (DPR) is presently 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.