State of Tennessee Department of Treasury Takes $138,000 Position in Argan, Inc. (NYSE:AGX)

State of Tennessee Department of Treasury bought a new position in shares of Argan, Inc. (NYSE:AGX) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,004 shares of the construction company’s stock, valued at approximately $138,000.

A number of other hedge funds have also added to or reduced their stakes in AGX. Vanguard Group Inc. grew its position in shares of Argan by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company’s stock worth $115,605,000 after buying an additional 16,784 shares during the period. Renaissance Technologies LLC grew its holdings in Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after purchasing an additional 116,783 shares during the period. American Century Companies Inc. increased its stake in Argan by 18.1% in the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company’s stock valued at $65,869,000 after purchasing an additional 73,654 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Argan by 37.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company’s stock valued at $40,475,000 after purchasing an additional 80,844 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Argan by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 292,956 shares of the construction company’s stock worth $40,156,000 after purchasing an additional 5,710 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Argan Trading Up 1.1 %

NYSE AGX opened at $165.61 on Tuesday. The company has a market cap of $2.26 billion, a P/E ratio of 34.65 and a beta of 0.41. The company has a fifty day simple moving average of $132.70 and a 200 day simple moving average of $142.26. Argan, Inc. has a 12-month low of $60.98 and a 12-month high of $191.46.

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

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.91%. The ex-dividend date was Tuesday, April 22nd. Argan’s dividend payout ratio (DPR) is presently 24.55%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CFO Richard H. Deily sold 1,565 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total value of $238,380.80. Following the completion of the sale, the chief financial officer now owns 7,802 shares in the company, valued at $1,188,400.64. This represents a 16.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter W. Getsinger sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the transaction, the director now owns 11,496 shares in the company, valued at approximately $1,667,264.88. This trade represents a 30.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,857 shares of company stock worth $1,308,133 over the last 90 days. 11.85% of the stock is currently 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.