Wellington Management Group LLP Increases Stock Holdings in Argan, Inc. (NYSE:AGX)

Wellington Management Group LLP grew its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 81.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 911,056 shares of the construction company's stock after buying an additional 409,948 shares during the quarter. Wellington Management Group LLP owned 6.75% of Argan worth $92,408,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. State Street Corp increased its stake in shares of Argan by 4.8% in the third quarter. State Street Corp now owns 353,984 shares of the construction company's stock worth $35,905,000 after buying an additional 16,055 shares during the period. Point72 Asset Management L.P. purchased a new stake in Argan during the 3rd quarter valued at $471,000. Penn Mutual Asset Management grew its holdings in Argan by 195.6% in the 3rd quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company's stock worth $1,019,000 after acquiring an additional 6,650 shares during the last quarter. Centiva Capital LP increased its position in shares of 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 during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake 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 valued at $305,000 after acquiring an additional 532 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insiders Place Their Bets

In other Argan news, Director Cynthia Flanders sold 5,000 shares of the company's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total transaction of $481,950.00. Following the transaction, the director now owns 17,332 shares in the company, valued at approximately $1,670,631.48. This represents a 22.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 10,000 shares of Argan stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total transaction of $962,000.00. Following the completion of the sale, the director now owns 35,852 shares of the company's stock, valued at $3,448,962.40. This represents a 21.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,703 shares of company stock valued at $3,360,994. Insiders own 11.85% of the company's stock.

Argan Stock Performance

Shares of AGX traded up $5.71 on Wednesday, reaching $148.16. The stock had a trading volume of 301,354 shares, compared to its average volume of 181,209. Argan, Inc. has a 12-month low of $42.54 and a 12-month high of $165.33. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 29.80 and a beta of 0.53. The company has a 50-day simple moving average of $137.05 and a 200-day simple moving average of $98.68.

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

Argan Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were paid a dividend of $0.375 per share. This is a positive change from Argan's previous quarterly dividend of $0.30. This represents a $1.50 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Wednesday, October 23rd. Argan's dividend payout ratio (DPR) is currently 31.38%.

Analyst Ratings Changes

Several research firms recently issued reports on AGX. 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 note on Tuesday, December 3rd. StockNews.com lowered Argan from a "buy" rating to a "hold" rating in a research report on Tuesday, October 29th. Finally, CJS Securities restated a "market perform" rating and set a $150.00 target price on shares of Argan in a report on Friday, December 6th.

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.