Rhumbline Advisers Acquires 309 Shares of Argan, Inc. (NYSE:AGX)

Rhumbline Advisers lifted its holdings in shares of Argan, Inc. (NYSE:AGX) by 1.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 19,016 shares of the construction company’s stock after acquiring an additional 309 shares during the period. Rhumbline Advisers owned approximately 0.14% of Argan worth $2,606,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Argan by 81.8% during the 3rd quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock valued at $92,408,000 after purchasing an additional 409,948 shares during the last quarter. State Street Corp lifted its holdings in Argan by 4.8% during the 3rd quarter. State Street Corp now owns 353,984 shares of the construction company’s stock valued at $35,905,000 after purchasing an additional 16,055 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Argan by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company’s stock valued at $29,141,000 after purchasing an additional 1,553 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Argan by 72.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,224 shares of the construction company’s stock valued at $11,586,000 after purchasing an additional 47,881 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Argan by 46.6% during the 3rd quarter. Barclays PLC now owns 66,341 shares of the construction company’s stock valued at $6,728,000 after purchasing an additional 21,094 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AGX has been the subject of several research reports. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and raised their price objective for the company from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities restated a “market perform” rating and issued a $150.00 price objective on shares of Argan in a research report on Friday, December 6th.

Argan Trading Up 3.8 %

AGX opened at $130.18 on Monday. The stock has a market capitalization of $1.77 billion, a PE ratio of 27.23 and a beta of 0.56. Argan, Inc. has a 1-year low of $46.15 and a 1-year high of $191.46. The firm has a 50-day moving average price of $149.19 and a two-hundred day moving average price of $129.19.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $225.60 million. The company’s quarterly revenue was up 56.9% on a year-over-year basis.

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd were given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, January 23rd. Argan’s dividend payout ratio is 31.38%.

Insider Transactions at Argan

In related news, CFO Richard H. Deily sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 9,367 shares in the company, valued at approximately $1,405,050. The trade was a 17.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Hibbert Watson sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the transaction, the chief executive officer now owns 51,291 shares of the company’s stock, valued at approximately $7,491,050.55. This represents a 16.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,185 shares of company stock worth $3,105,359 in the last quarter. 11.85% of the stock is owned by company insiders.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.