1,895 Shares in Argan, Inc. $AGX Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. acquired a new position in shares of Argan, Inc. (NYSE:AGX) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,895 shares of the construction company’s stock, valued at approximately $418,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc purchased a new stake in Argan in the 2nd quarter worth about $71,000. Kings Path Partners LLC bought a new position in shares of Argan during the second quarter valued at approximately $170,000. State of Wyoming purchased a new stake in shares of Argan in the first quarter worth approximately $109,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Argan by 16,640.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company’s stock worth $110,000 after buying an additional 832 shares during the period. Finally, Court Place Advisors LLC bought a new stake in shares of Argan during the 2nd quarter worth approximately $209,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group set a $315.00 price target on shares of Argan in a report on Monday, October 13th. Weiss Ratings restated a “buy (b)” rating on shares of Argan in a research note on Wednesday, October 8th. Lake Street Capital raised their target price on shares of Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Glj Research upgraded Argan from a “hold” rating to a “buy” rating and boosted their price target for the company from $251.00 to $369.00 in a report on Monday, November 10th. Finally, Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $301.00.

Argan Price Performance

Shares of NYSE:AGX opened at $380.34 on Thursday. The business’s 50-day moving average is $301.64 and its 200 day moving average is $246.63. Argan, Inc. has a 1 year low of $101.02 and a 1 year high of $399.30. The firm has a market capitalization of $5.25 billion, a P/E ratio of 45.71 and a beta of 0.64.

Argan (NYSE:AGX) last issued its quarterly 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 analyst estimates of $243.97 million. Argan had a net margin of 12.73% and a return on equity of 32.61%. Argan’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.31 EPS.

Argan Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Thursday, October 23rd were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.5%. This is a positive change from Argan’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, October 23rd. Argan’s dividend payout ratio is 24.04%.

Insider Activity at Argan

In other Argan news, Director Peter W. Getsinger sold 6,493 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $294.39, for a total value of $1,911,474.27. Following the sale, the director directly owned 9,897 shares of the company’s stock, valued at approximately $2,913,577.83. This trade represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 11,802 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.73, for a total value of $3,242,363.46. Following the completion of the sale, the director owned 38,834 shares of the company’s stock, valued at $10,668,864.82. This trade represents a 23.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 106,795 shares of company stock valued at $29,401,111 in the last 90 days. 6.69% of the stock is currently owned by corporate insiders.

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.