Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Argan, Inc. (NYSE:AGX – Free Report) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 21,653 shares of the construction company’s stock, valued at approximately $17,291,000.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Argan in the 2nd quarter worth about $1,764,086,000. Vanguard Group Inc. lifted its position in Argan by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 827,482 shares of the construction company’s stock valued at $259,267,000 after acquiring an additional 3,068 shares during the period. First Trust Advisors LP boosted its stake in Argan by 32.1% during the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock worth $431,010,000 after acquiring an additional 192,204 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Argan by 2.1% in the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company’s stock worth $332,726,000 after purchasing an additional 12,300 shares during the period. Finally, Maverick Capital Ltd. increased its stake in shares of Argan by 5.9% during the first quarter. Maverick Capital Ltd. now owns 464,759 shares of the construction company’s stock valued at $253,131,000 after purchasing an additional 25,901 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on AGX shares. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Weiss Ratings downgraded Argan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Lake Street Capital boosted their target price on shares of Argan from $375.00 to $600.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Finally, Wall Street Zen lowered Argan from a “buy” rating to a “hold” rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $470.40.
Argan Price Performance
NYSE:AGX opened at $450.21 on Wednesday. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 39.56 and a beta of 0.61. The business has a 50 day simple moving average of $624.07 and a 200-day simple moving average of $582.53. Argan, Inc. has a 1 year low of $197.00 and a 1 year high of $805.75.
Argan (NYSE:AGX – Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The construction company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.93. Argan had a net margin of 15.48% and a return on equity of 36.89%. The business had revenue of $290.95 million during the quarter, compared to the consensus estimate of $256.03 million. During the same quarter last year, the firm earned $1.60 earnings per share. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. As a group, analysts expect that Argan, Inc. will post 12.6 earnings per share for the current fiscal year.
Argan Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.4%. Argan’s dividend payout ratio is presently 17.57%.
Insider Activity
In other Argan news, Director Cynthia Flanders sold 2,596 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $666.31, for a total transaction of $1,729,740.76. Following the transaction, the director owned 23,144 shares of the company’s stock, valued at approximately $15,421,078.64. This trade represents a 10.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Hibbert Watson sold 9,993 shares of Argan stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $651.22, for a total transaction of $6,507,641.46. Following the transaction, the chief executive officer directly owned 40,005 shares in the company, valued at approximately $26,052,056.10. The trade was a 19.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 127,973 shares of company stock valued at $87,554,828. Company insiders own 2.99% of the company’s stock.
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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