Proficio Capital Partners LLC Makes New $2.27 Million Investment in Argan, Inc. (NYSE:AGX)

Proficio Capital Partners LLC bought a new stake in Argan, Inc. (NYSE:AGX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,582 shares of the construction company's stock, valued at approximately $2,272,000. Proficio Capital Partners LLC owned approximately 0.12% of Argan at the end of the most recent quarter.

Several other large investors have also modified their holdings of AGX. Spire Wealth Management acquired a new position in shares of Argan in the 4th quarter valued at $26,000. Global Retirement Partners LLC acquired a new position in shares of Argan in the 4th quarter valued at $35,000. KBC Group NV acquired a new position in shares of Argan in the 4th quarter valued at $93,000. FMR LLC boosted its stake in Argan by 68.2% during the 3rd quarter. FMR LLC now owns 1,033 shares of the construction company's stock worth $105,000 after purchasing an additional 419 shares during the period. Finally, Leavell Investment Management Inc. acquired a new stake in Argan during the 3rd quarter worth $203,000. Institutional investors and hedge funds own 79.43% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AGX. CJS Securities reiterated a "market perform" rating and set a $150.00 price target on shares of Argan in a research note on Friday, December 6th. Lake Street Capital cut shares of Argan from a "buy" rating to a "hold" rating and increased their price target for the stock from $85.00 to $150.00 in a research note on Tuesday, December 3rd.

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Insider Activity

In related news, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 9,367 shares of the company's stock, valued at approximately $1,405,050. This represents a 17.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Hibbert Watson sold 10,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the completion of the sale, the chief executive officer now directly owns 51,291 shares in the company, valued at approximately $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 20,185 shares of company stock worth $3,105,359 in the last 90 days. 11.85% of the stock is currently owned by corporate insiders.

Argan Stock Performance

Argan stock traded down $2.71 during trading hours on Friday, reaching $113.57. 474,148 shares of the stock were exchanged, compared to its average volume of 458,522. The stock has a market cap of $1.54 billion, a P/E ratio of 23.76 and a beta of 0.58. Argan, Inc. has a 52-week low of $47.42 and a 52-week high of $191.46. The firm's 50 day moving average is $146.83 and its 200 day moving average is $130.43.

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

Argan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd were issued a $0.375 dividend. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.32%. Argan's dividend payout ratio is presently 31.38%.

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.