Allspring Global Investments Holdings LLC Has $5.84 Million Stock Position in Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC raised its position in shares of Argan, Inc. (NYSE:AGX - Free Report) by 283.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,536 shares of the construction company's stock after acquiring an additional 42,527 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.43% of Argan worth $5,836,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Argan in the third quarter valued at about $43,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Argan in the second quarter valued at about $41,000. nVerses Capital LLC bought a new stake in shares of Argan in the third quarter valued at about $91,000. Point72 DIFC Ltd bought a new stake in shares of Argan in the second quarter valued at about $70,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Argan in the first quarter valued at about $95,000. 79.43% of the stock is currently owned by institutional investors.

Argan Price Performance

Shares of NYSE AGX traded up $5.09 during mid-day trading on Monday, hitting $131.20. The company had a trading volume of 350,661 shares, compared to its average volume of 159,840. The business's 50-day simple moving average is $97.18 and its 200-day simple moving average is $79.62. Argan, Inc. has a 12 month low of $39.74 and a 12 month high of $135.85. The firm has a market cap of $1.77 billion, a P/E ratio of 41.45 and a beta of 0.53.

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

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd will be paid a dividend of $0.375 per share. This is a boost from Argan's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 1.14%. Argan's dividend payout ratio (DPR) is currently 47.17%.

Insiders Place Their Bets

In other Argan news, Chairman William F. Griffin, Jr. sold 13,115 shares of the firm's stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.66, for a total transaction of $1,044,740.90. Following the completion of the transaction, the chairman now owns 157,604 shares in the company, valued at $12,554,734.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman William F. Griffin, Jr. sold 13,115 shares of the firm's stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $79.66, for a total transaction of $1,044,740.90. Following the completion of the sale, the chairman now owns 157,604 shares of the company's stock, valued at approximately $12,554,734.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the firm's stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $131.01, for a total transaction of $602,383.98. Following the sale, the director now directly owns 236,745 shares of the company's stock, valued at approximately $31,015,962.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,818 shares of company stock worth $5,302,535 over the last quarter. Company insiders own 11.85% of the company's stock.

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.