Point72 Asset Management L.P. Buys Shares of 4,639 Argan, Inc. (NYSE:AGX)

Point72 Asset Management L.P. acquired a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,639 shares of the construction company's stock, valued at approximately $471,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Penn Mutual Asset Management boosted its holdings in shares of Argan by 195.6% in the 3rd quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company's stock valued at $1,019,000 after buying an additional 6,650 shares in the last quarter. Centiva Capital LP boosted its stake in Argan by 9.3% in the third quarter. Centiva Capital LP now owns 6,872 shares of the construction company's stock valued at $697,000 after acquiring an additional 583 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Argan by 21.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,009 shares of the construction company's stock worth $305,000 after purchasing an additional 532 shares in the last quarter. FMR LLC increased its position in shares of Argan by 68.2% during the third quarter. FMR LLC now owns 1,033 shares of the construction company's stock worth $105,000 after purchasing an additional 419 shares in the last quarter. Finally, D.A. Davidson & CO. purchased a new stake in shares of Argan during the 3rd quarter valued at $2,446,000. Hedge funds and other institutional investors own 79.43% of the company's stock.

Argan Price Performance

Argan stock traded down $3.89 during trading hours on Thursday, hitting $144.27. 253,128 shares of the stock traded hands, compared to its average volume of 181,508. The firm's 50 day moving average price is $138.76 and its 200-day moving average price is $99.34. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 30.18 and a beta of 0.53. Argan, Inc. has a 1 year low of $42.54 and a 1 year high of $165.33.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $225.60 million. The company's revenue for the quarter was up 56.9% on a year-over-year basis.

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were issued a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 1.04%. This is a positive change from Argan's previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, October 23rd. Argan's dividend payout ratio is presently 31.38%.

Analyst Ratings Changes

Several brokerages recently issued reports on AGX. Lake Street Capital lowered Argan from a "buy" rating to a "hold" rating and upped their target price for the company from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities restated a "market perform" rating and set a $150.00 price objective on shares of Argan in a report on Friday, December 6th. Finally, StockNews.com cut shares of Argan from a "buy" rating to a "hold" rating in a research note on Tuesday, October 29th.

Insider Buying and Selling at Argan

In related news, Director Cynthia Flanders sold 5,000 shares of the business's stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the completion of the transaction, the director now directly owns 17,332 shares in the company, valued at $1,670,631.48. The trade was a 22.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Rainer H. Bosselmann sold 10,105 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $130.10, for a total transaction 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 represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,703 shares of company stock worth $3,360,994. Insiders own 11.85% of the company's stock.

Argan 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.