Argan, Inc. (NYSE:AGX) Shares Sold by Comerica Bank

Comerica Bank decreased its position in Argan, Inc. (NYSE:AGX) by 55.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 852 shares of the construction company’s stock after selling 1,078 shares during the period. Comerica Bank’s holdings in Argan were worth $117,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Spire Wealth Management acquired a new position in shares of Argan in the fourth quarter worth $26,000. Farther Finance Advisors LLC bought a new position in Argan during the fourth quarter worth about $32,000. Global Retirement Partners LLC bought a new position in shares of Argan in the fourth quarter valued at approximately $35,000. Truvestments Capital LLC bought a new position in shares of Argan in the fourth quarter valued at approximately $57,000. Finally, Federated Hermes Inc. raised its stake in shares of Argan by 1,123.5% in the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company’s stock valued at $57,000 after acquiring an additional 382 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 5,000 shares of Argan stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following the transaction, the director now owns 11,496 shares in the company, valued at $1,667,264.88. This trade represents a 30.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard H. Deily sold 1,565 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total transaction of $238,380.80. Following the completion of the transaction, the chief financial officer now owns 7,802 shares in the company, valued at $1,188,400.64. The trade was a 16.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,857 shares of company stock worth $1,308,133 in the last quarter. Insiders own 6.69% of the company’s stock.

Analysts Set New Price Targets

Separately, Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Friday, March 28th.

Argan Stock Up 2.7%

Shares of NYSE:AGX opened at $188.30 on Monday. The stock has a market cap of $2.57 billion, a PE ratio of 39.39 and a beta of 0.42. The business has a 50 day moving average of $142.87 and a 200-day moving average of $145.20. Argan, Inc. has a 12-month low of $63.53 and a 12-month high of $191.46.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $1.07. The company had revenue of $232.47 million during the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a yield of 0.80%. Argan’s dividend payout ratio (DPR) is 24.55%.

Argan 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.