Allspring Global Investments Holdings LLC Buys 14,092 Shares of Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC raised its stake in shares of Argan, Inc. (NYSE:AGX) by 360.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 18,005 shares of the construction company’s stock after acquiring an additional 14,092 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Argan were worth $842,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Azarias Capital Management L.P. increased its stake in Argan by 37.6% in the third quarter. Azarias Capital Management L.P. now owns 173,143 shares of the construction company’s stock valued at $7,881,000 after acquiring an additional 47,332 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Argan by 9.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 395,664 shares of the construction company’s stock valued at $18,011,000 after acquiring an additional 32,958 shares during the period. Acadian Asset Management LLC bought a new stake in Argan in the third quarter valued at about $1,298,000. Quadrature Capital Ltd acquired a new position in Argan in the third quarter valued at about $708,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Argan in the third quarter valued at about $666,000. Institutional investors own 79.43% of the company’s stock.

Insider Transactions at Argan

In other news, Chairman William F. Griffin, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total transaction of $899,850.00. Following the transaction, the chairman now directly owns 14,150 shares in the company, valued at $848,858.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman William F. Griffin, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total value of $899,850.00. Following the transaction, the chairman now directly owns 14,150 shares in the company, valued at $848,858.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director W G. Champion Mitchell sold 13,143 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total transaction of $790,814.31. Following the completion of the transaction, the director now owns 5,197 shares in the company, valued at $312,703.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,906 shares of company stock worth $2,227,349. Corporate insiders own 11.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AGX shares. Lake Street Capital boosted their price target on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, April 12th. StockNews.com upgraded shares of Argan from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 15th.

Argan Stock Down 0.7 %

NYSE:AGX opened at $61.21 on Thursday. The firm has a market cap of $810.42 million, a PE ratio of 25.61 and a beta of 0.49. Argan, Inc. has a 12 month low of $37.37 and a 12 month high of $62.69. The company’s 50-day moving average price is $50.96 and its two-hundred day moving average price is $47.46.

Argan (NYSE:AGX) last announced its earnings results on Thursday, April 11th. The construction company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. Argan had a net margin of 5.64% and a return on equity of 11.37%. The company had revenue of $164.55 million for the quarter, compared to analyst estimates of $162.05 million. During the same period in the prior year, the business earned ($0.46) earnings per share. Argan’s quarterly revenue was up 38.5% on a year-over-year basis.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.96%. Argan’s payout ratio is 50.21%.

Argan Profile

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.