Argan, Inc. (NYSE:AGX) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN trimmed its position in shares of Argan, Inc. (NYSE:AGX - Free Report) by 29.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,253 shares of the construction company's stock after selling 50,931 shares during the period. Wells Fargo & Company MN owned approximately 0.88% of Argan worth $16,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AGX. Bank of New York Mellon Corp boosted its stake in Argan by 80.3% during the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company's stock worth $25,549,000 after buying an additional 83,039 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Argan by 37.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company's stock worth $40,475,000 after purchasing an additional 80,844 shares during the period. American Century Companies Inc. grew its holdings in Argan by 18.1% during the 4th quarter. American Century Companies Inc. now owns 480,658 shares of the construction company's stock valued at $65,869,000 after purchasing an additional 73,654 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Argan in the 3rd quarter worth about $6,687,000. Finally, WCM Investment Management LLC purchased a new position in shares of Argan during the fourth quarter valued at approximately $8,241,000. 79.43% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised shares of Argan from a "hold" rating to a "buy" rating and set a $150.00 price target on the stock in a research note on Friday, March 28th.

Argan Stock Performance

NYSE:AGX traded down $2.42 during mid-day trading on Tuesday, hitting $145.19. 300,813 shares of the company's stock traded hands, compared to its average volume of 291,693. Argan, Inc. has a twelve month low of $58.73 and a twelve month high of $191.46. The company has a market capitalization of $1.98 billion, a P/E ratio of 30.37 and a beta of 0.45. The company has a fifty day moving average of $131.50 and a 200 day moving average of $138.47.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $1.07. The firm had revenue of $232.47 million for the quarter, compared to analyst estimates of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm's revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd will be paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Tuesday, April 22nd. Argan's dividend payout ratio is currently 24.55%.

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.