Point Nemo Capital LLC acquired a new position in Argan, Inc. (NYSE:AGX – Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,404 shares of the construction company’s stock, valued at approximately $1,287,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Argan in the second quarter worth about $1,764,086,000. First Trust Advisors LP grew its stake in shares of Argan by 32.1% during the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after buying an additional 192,204 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Argan by 2.1% during the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company’s stock valued at $332,726,000 after buying an additional 12,300 shares during the last quarter. Maverick Capital Ltd. grew 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 buying an additional 25,901 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Argan by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 397,962 shares of the construction company’s stock worth $216,728,000 after buying an additional 4,954 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.
Argan Price Performance
Shares of AGX opened at $278.72 on Friday. Argan, Inc. has a 1-year low of $252.88 and a 1-year high of $805.75. The company has a 50-day moving average of $372.54 and a 200 day moving average of $515.93. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.02 and a beta of 0.64.
Argan (NYSE:AGX – Get Free Report) last released its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $1.12. The company had revenue of $383.98 million during the quarter, compared to analysts’ expectations of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.50 EPS. On average, equities analysts anticipate that Argan, Inc. will post 13.72 earnings per share for the current fiscal year.
Argan Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Argan’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, October 22nd. Argan’s dividend payout ratio is 22.15%.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on AGX shares. Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a report on Sunday, October 18th. Weiss Ratings cut Argan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Freedom Broker upgraded Argan from a “hold” rating to a “strong-buy” rating in a report on Friday, September 4th. Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. Finally, Piper Sandler initiated coverage on Argan in a research note on Tuesday, September 8th. They issued an “underweight” rating and a $273.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $509.00.
View Our Latest Report on Argan
Argan Profile
Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.
Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.
Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.
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