Principal Financial Group Inc. purchased a new stake in shares of Argan, Inc. (NYSE:AGX - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 13,539 shares of the construction company's stock, valued at approximately $1,373,000. Principal Financial Group Inc. owned about 0.10% of Argan at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Lord Abbett & CO. LLC purchased a new stake in shares of Argan in the 3rd quarter valued at $6,687,000. Franklin Resources Inc. boosted its holdings in shares of Argan by 51.0% during the third quarter. Franklin Resources Inc. now owns 22,406 shares of the construction company's stock worth $2,273,000 after purchasing an additional 7,564 shares during the period. Geode Capital Management LLC raised its position in Argan by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company's stock valued at $29,141,000 after purchasing an additional 1,553 shares during the last quarter. Barclays PLC increased its position in Argan by 46.6% during the 3rd quarter. Barclays PLC now owns 66,341 shares of the construction company's stock valued at $6,728,000 after purchasing an additional 21,094 shares during the period. Finally, Anson Funds Management LP boosted its stake in shares of Argan by 28.6% during the 3rd quarter. Anson Funds Management LP now owns 45,000 shares of the construction company's stock valued at $4,564,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors own 79.43% of the company's stock.
Argan Trading Up 4.0 %
Shares of AGX stock traded up $5.70 on Friday, reaching $149.02. The company's stock had a trading volume of 267,065 shares, compared to its average volume of 245,482. Argan, Inc. has a 1 year low of $43.44 and a 1 year high of $165.33. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 31.18 and a beta of 0.56. The stock's fifty day simple moving average is $146.04 and its 200-day simple moving average is $107.25.
Argan (NYSE:AGX - Get Free Report) last issued its earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business had revenue of $257.00 million for the quarter, compared to analyst estimates of $225.60 million. Argan's revenue for the quarter was up 56.9% on a year-over-year basis.
Argan Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Thursday, January 23rd. Argan's payout ratio is presently 31.38%.
Insider Buying and Selling
In other news, Director Rainer H. Bosselmann sold 4,598 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $131.01, for a total value of $602,383.98. Following the completion of the sale, the director now directly owns 236,745 shares in the company, valued at $31,015,962.45. This represents a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Hibbert Watson sold 10,000 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the transaction, the chief executive officer now owns 51,291 shares in the company, valued at $7,491,050.55. The trade was a 16.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,703 shares of company stock worth $3,377,544 in the last three months. Corporate insiders own 11.85% of the company's stock.
Wall Street Analysts Forecast Growth
AGX has been the subject of several research reports. StockNews.com lowered shares of Argan from a "buy" rating to a "hold" rating in a research note on Tuesday, October 29th. CJS Securities restated a "market perform" rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th. Finally, Lake Street Capital cut Argan from a "buy" rating to a "hold" rating and raised their target price for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd.
Get Our Latest Report on AGX
Argan Company Profile
(
Free Report)
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.
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