International Assets Investment Management LLC acquired a new stake in Argan, Inc. (NYSE:AGX – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 760 shares of the construction company’s stock, valued at approximately $238,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Argan in the third quarter valued at approximately $14,138,000. Thames Capital Management LLC purchased a new position in Argan in the third quarter worth approximately $11,175,000. Versor Investments LP purchased a new position in Argan in the third quarter worth approximately $971,000. Leavell Investment Management Inc. lifted its stake in Argan by 125.3% in the third quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock worth $3,377,000 after acquiring an additional 6,955 shares during the last quarter. Finally, TD Asset Management Inc purchased a new position in Argan in the third quarter worth approximately $35,629,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Wall Street Analysts Forecast Growth
AGX has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research note on Saturday, March 28th. The Goldman Sachs Group lifted their price target on shares of Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Freedom Capital upgraded shares of Argan to a “hold” rating in a research note on Tuesday, March 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Argan in a research note on Monday, April 6th. Finally, JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price target for the company in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $425.40.
Argan Price Performance
Shares of Argan stock opened at $720.09 on Thursday. The firm’s fifty day simple moving average is $563.37 and its 200-day simple moving average is $426.94. The stock has a market capitalization of $10.04 billion, a price-to-earnings ratio of 73.93 and a beta of 0.61. Argan, Inc. has a 12 month low of $176.97 and a 12 month high of $742.30.
Argan (NYSE:AGX – Get Free Report) last announced its earnings results on Thursday, March 26th. The construction company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $1.48. The business had revenue of $262.05 million for the quarter, compared to analysts’ expectations of $255.32 million. Argan had a net margin of 14.59% and a return on equity of 33.62%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.22 EPS. Analysts anticipate that Argan, Inc. will post 11.44 earnings per share for the current year.
Argan Announces Dividend
The company 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 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, April 22nd. Argan’s payout ratio is currently 20.53%.
Argan declared that its board has initiated a share buyback plan on Wednesday, April 8th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling
In other Argan news, CEO Charles Edwin Iv Collins sold 11,068 shares of the business’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $621.61, for a total value of $6,879,979.48. Following the transaction, the chief executive officer directly owned 30,320 shares of the company’s stock, valued at approximately $18,847,215.20. The trade was a 26.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Ronald Jr. Jeffrey sold 4,556 shares of the company’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $539.85, for a total transaction of $2,459,556.60. Following the transaction, the director directly owned 3,636 shares in the company, valued at approximately $1,962,894.60. This trade represents a 55.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 64,543 shares of company stock worth $39,054,956 in the last ninety days. Insiders own 6.69% of the company’s stock.
Argan Company 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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