Argan, Inc. (NYSE:AGX) Shares Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC grew its position in Argan, Inc. (NYSE:AGX) by 66.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,541 shares of the construction company’s stock after purchasing an additional 43,613 shares during the period. Lord Abbett & CO. LLC owned approximately 0.81% of Argan worth $15,011,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Spire Wealth Management acquired a new position in Argan during the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC acquired a new position in shares of Argan during the 4th quarter valued at $32,000. Global Retirement Partners LLC purchased a new stake in Argan during the 4th quarter worth $35,000. Truvestments Capital LLC acquired a new position in shares of Argan during the fourth quarter worth about $57,000. Finally, Federated Hermes Inc. boosted its position in shares of Argan by 1,123.5% in the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company’s stock worth $57,000 after buying an additional 382 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Price Performance

Argan stock opened at $151.12 on Friday. Argan, Inc. has a 12-month low of $60.03 and a 12-month high of $191.46. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 31.61 and a beta of 0.45. The firm’s fifty day moving average price is $129.87 and its 200 day moving average price is $140.60.

Argan (NYSE:AGX) last announced its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.07. The business had revenue of $232.47 million for the quarter, compared to analyst estimates of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The firm’s revenue was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Tuesday, April 22nd. Argan’s dividend payout ratio (DPR) is currently 24.55%.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Friday, March 28th.

Insider Transactions at Argan

In other news, Director Peter W. Getsinger sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following the completion of the sale, the director now owns 11,496 shares of the company’s stock, valued at approximately $1,667,264.88. The trade was a 30.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.85% of the company’s stock.

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.