Parallel Advisors LLC Lowers Stock Position in Argan, Inc. (NYSE:AGX)

Parallel Advisors LLC lowered its holdings in Argan, Inc. (NYSE:AGX) by 71.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 269 shares of the construction company’s stock after selling 679 shares during the quarter. Parallel Advisors LLC’s holdings in Argan were worth $35,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Spire Wealth Management acquired a new position in Argan in the 4th quarter valued at about $26,000. Farther Finance Advisors LLC purchased a new stake in shares of Argan during the 4th quarter worth about $32,000. Global Retirement Partners LLC purchased a new position in Argan in the 4th quarter worth approximately $35,000. McIlrath & Eck LLC boosted its holdings in Argan by 419.4% in the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock worth $51,000 after acquiring an additional 302 shares during the period. Finally, Truvestments Capital LLC purchased a new position in Argan in the 4th quarter worth approximately $57,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AGX shares. Kepler Capital Markets lowered Argan from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 28th. Lake Street Capital boosted their price target on shares of Argan from $150.00 to $236.00 and gave the company a “buy” rating in a report on Thursday, June 5th.

Argan Stock Performance

NYSE:AGX opened at $217.09 on Tuesday. The stock’s 50 day moving average price is $168.70 and its 200 day moving average price is $151.62. Argan, Inc. has a 52 week low of $63.53 and a 52 week high of $246.60. The company has a market capitalization of $2.96 billion, a P/E ratio of 45.42 and a beta of 0.55.

Argan (NYSE:AGX) last posted its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.51. The company had revenue of $193.66 million during the quarter, compared to analysts’ expectations of $193.75 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. Argan’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.69%. Argan’s dividend payout ratio (DPR) is presently 21.04%.

Insider Activity

In other news, Director Peter W. Getsinger sold 2,292 shares of Argan stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $150.35, for a total transaction of $344,602.20. Following the transaction, the director now owns 9,500 shares in the company, valued at $1,428,325. The trade was a 19.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Richard H. Deily sold 1,565 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total value of $238,380.80. Following the sale, the chief financial officer now owns 7,802 shares in the company, valued at approximately $1,188,400.64. This represents a 16.71% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,857 shares of company stock worth $1,308,133. 6.69% of the stock is owned by corporate 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.