Pinnacle Associates Ltd. Acquires 6,761 Shares of Argan, Inc. (NYSE:AGX)

Pinnacle Associates Ltd. raised its holdings in Argan, Inc. (NYSE:AGX - Free Report) by 45.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,712 shares of the construction company's stock after buying an additional 6,761 shares during the quarter. Pinnacle Associates Ltd. owned 0.16% of Argan worth $2,202,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Truist Financial Corp increased its holdings in Argan by 76.2% in the 2nd quarter. Truist Financial Corp now owns 12,552 shares of the construction company's stock valued at $918,000 after buying an additional 5,430 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Argan by 283.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company's stock valued at $5,836,000 after purchasing an additional 42,527 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Argan in the 2nd quarter valued at $3,166,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Argan in the 2nd quarter valued at $2,628,000. Finally, MKP Capital Management L.L.C. acquired a new stake in shares of Argan in the 2nd quarter valued at $878,000. Institutional investors own 79.43% of the company's stock.

Argan Trading Up 3.7 %

NYSE AGX traded up $4.84 on Friday, hitting $136.88. 325,110 shares of the company were exchanged, compared to its average volume of 342,143. The firm has a 50 day moving average of $103.21 and a two-hundred day moving average of $81.99. The company has a market cap of $1.85 billion, a P/E ratio of 43.04 and a beta of 0.49. Argan, Inc. has a 1-year low of $39.74 and a 1-year high of $138.04.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.34. The business had revenue of $227.02 million for 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%. The business's revenue for the quarter was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 23rd were given a dividend of $0.375 per share. This is an increase 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 1.10%. Argan's dividend payout ratio is 47.17%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Argan from a "buy" rating to a "hold" rating in a research note on Tuesday.

Insider Buying and Selling

In other Argan news, Director James W. Quinn sold 10,000 shares of the business's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total transaction of $896,800.00. Following the completion of the sale, the director now directly owns 70,422 shares of the company's stock, valued at approximately $6,315,444.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Cynthia Flanders sold 5,000 shares of the company's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total value of $481,950.00. Following the completion of the sale, the director now directly owns 17,332 shares of the company's stock, valued at $1,670,631.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James W. Quinn sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $89.68, for a total value of $896,800.00. Following the completion of the sale, the director now directly owns 70,422 shares of the company's stock, valued at approximately $6,315,444.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,703 shares of company stock worth $4,257,794 in the last 90 days. Corporate 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.