Truist Financial Corp decreased its position in shares of Argan, Inc. (NYSE:AGX – Free Report) by 30.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 12,791 shares of the construction company’s stock after selling 5,583 shares during the period. Truist Financial Corp’s holdings in Argan were worth $4,008,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Argan by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 827,482 shares of the construction company’s stock worth $259,267,000 after buying an additional 3,068 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Argan by 69.8% in the third quarter. First Trust Advisors LP now owns 559,466 shares of the construction company’s stock worth $151,084,000 after acquiring an additional 230,073 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Argan by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 435,761 shares of the construction company’s stock worth $117,677,000 after acquiring an additional 4,027 shares during the period. State Street Corp grew its position in shares of Argan by 1.7% during the second quarter. State Street Corp now owns 324,356 shares of the construction company’s stock worth $71,514,000 after purchasing an additional 5,575 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Argan by 29.9% during the third quarter. Invesco Ltd. now owns 298,582 shares of the construction company’s stock worth $80,632,000 after purchasing an additional 68,689 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Insider Transactions at Argan
In related news, Director John Ronald Jr. Jeffrey sold 2,698 shares of Argan stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $664.84, for a total value of $1,793,738.32. Following the completion of the transaction, the director owned 2,000 shares in the company, valued at approximately $1,329,680. This trade represents a 57.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 800 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $619.88, for a total value of $495,904.00. Following the sale, the director directly owned 500 shares in the company, valued at $309,940. The trade was a 61.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 64,543 shares of company stock worth $39,054,956. 6.69% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Read Our Latest Analysis on Argan
Argan Price Performance
NYSE:AGX opened at $678.80 on Tuesday. The company has a market cap of $9.47 billion, a price-to-earnings ratio of 69.69 and a beta of 0.61. Argan, Inc. has a 1 year low of $169.79 and a 1 year high of $742.30. The stock’s 50 day simple moving average is $553.27 and its two-hundred day simple moving average is $420.86.
Argan (NYSE:AGX – Get Free Report) last posted its earnings results on Thursday, March 26th. The construction company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $1.48. Argan had a net margin of 14.59% and a return on equity of 33.62%. The firm had revenue of $262.05 million during the quarter, compared to analyst estimates of $255.32 million. During the same period last year, the firm posted $2.22 earnings per share. Argan’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, analysts anticipate that Argan, Inc. will post 11.44 EPS for the current year.
Argan declared that its board has authorized a stock buyback plan on Wednesday, April 8th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Argan Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Wednesday, April 22nd. Argan’s dividend payout ratio (DPR) is presently 20.53%.
Argan Profile
Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.
The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.
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