Truist Financial Corp Has $4.09 Million Stock Position in Argan, Inc. $AGX

Truist Financial Corp boosted its holdings in Argan, Inc. (NYSE:AGX) by 241.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,562 shares of the construction company’s stock after acquiring an additional 13,120 shares during the quarter. Truist Financial Corp owned 0.14% of Argan worth $4,093,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AGX. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Argan by 26.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,977 shares of the construction company’s stock valued at $522,000 after purchasing an additional 839 shares in the last quarter. Sierra Summit Advisors LLC bought a new position in Argan during the 1st quarter valued at $667,000. Nomura Holdings Inc. lifted its stake in Argan by 810.0% during the 1st quarter. Nomura Holdings Inc. now owns 69,184 shares of the construction company’s stock valued at $9,075,000 after acquiring an additional 61,581 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Argan by 362.2% during the 1st quarter. SG Americas Securities LLC now owns 4,969 shares of the construction company’s stock worth $652,000 after acquiring an additional 3,894 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of Argan in the 1st quarter worth $551,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insiders Place Their Bets

In other Argan news, CEO Charles Edwin Iv Collins sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $267.00, for a total value of $1,335,000.00. Following the sale, the chief executive officer owned 21,006 shares of the company’s stock, valued at $5,608,602. This trade represents a 19.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cynthia Flanders sold 15,000 shares of the business’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $271.96, for a total value of $4,079,400.00. Following the transaction, the director directly owned 16,428 shares of the company’s stock, valued at $4,467,758.88. The trade was a 47.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,027 shares of company stock worth $22,571,995. Company insiders own 6.69% of the company’s stock.

Argan Stock Up 4.9%

AGX opened at $281.82 on Thursday. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 33.87 and a beta of 0.64. The firm has a 50-day moving average price of $239.86 and a 200-day moving average price of $203.37. Argan, Inc. has a twelve month low of $101.02 and a twelve month high of $283.35.

Argan (NYSE:AGX) last issued its earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.51. The business had revenue of $237.74 million for the quarter, compared to analysts’ expectations of $243.97 million. Argan had a net margin of 12.73% and a return on equity of 32.61%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.31 EPS.

Argan Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be issued a dividend of $0.50 per share. This is a boost from Argan’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.7%. Argan’s payout ratio is currently 18.03%.

Wall Street Analyst Weigh In

AGX has been the topic of several analyst reports. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Glj Research started coverage on shares of Argan in a research report on Monday, September 22nd. They set a “hold” rating and a $251.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Argan in a report on Wednesday. JPMorgan Chase & Co. started coverage on Argan in a report on Monday, July 21st. They set a “neutral” rating and a $220.00 price target on the stock. Finally, Lake Street Capital boosted their price objective on Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Argan presently has an average rating of “Hold” and an average target price of $220.25.

About Argan

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.