Allspring Global Investments Holdings LLC grew its holdings in shares of Argan, Inc. (NYSE:AGX – Free Report) by 257.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,571 shares of the construction company’s stock after purchasing an additional 4,012 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Argan were worth $220,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. WINTON GROUP Ltd boosted its position in shares of Argan by 8.1% in the first quarter. WINTON GROUP Ltd now owns 24,499 shares of the construction company’s stock valued at $991,000 after acquiring an additional 1,834 shares during the period. Quantbot Technologies LP lifted its position in Argan by 390.9% during the second quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock valued at $60,000 after purchasing an additional 1,290 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Argan during the second quarter valued at approximately $210,000. Exchange Traded Concepts LLC lifted its position in Argan by 4.4% during the second quarter. Exchange Traded Concepts LLC now owns 9,516 shares of the construction company’s stock valued at $375,000 after purchasing an additional 402 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new stake in Argan during the second quarter valued at approximately $121,000. Institutional investors own 79.19% of the company’s stock.
Argan Stock Up 0.8 %
NYSE AGX opened at $44.42 on Monday. The company has a 50-day simple moving average of $45.08 and a two-hundred day simple moving average of $42.03. Argan, Inc. has a 12-month low of $32.97 and a 12-month high of $47.80. The firm has a market cap of $591.63 million, a price-to-earnings ratio of 16.70 and a beta of 0.59.
Argan Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Monday, October 23rd were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, October 20th. This represents a $1.20 annualized dividend and a dividend yield of 2.70%. This is an increase from Argan’s previous quarterly dividend of $0.25. Argan’s dividend payout ratio (DPR) is 45.11%.
Insider Transactions at Argan
In related news, Director Cynthia Flanders acquired 7,000 shares of the firm’s stock in a transaction dated Thursday, October 5th. The shares were purchased at an average price of $26.88 per share, with a total value of $188,160.00. Following the completion of the purchase, the director now directly owns 22,000 shares of the company’s stock, valued at $591,360. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.53% of the company’s stock.
Analysts Set New Price Targets
Separately, StockNews.com initiated coverage on shares of Argan in a research report on Thursday, October 5th. They set a “strong-buy” rating for the company.
Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.
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