Allspring Global Investments Holdings LLC Raises Stock Position in Argan, Inc. (NYSE:AGX)

Allspring Global Investments Holdings LLC raised its stake in Argan, Inc. (NYSE:AGX) by 360.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,005 shares of the construction company’s stock after buying an additional 14,092 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.14% of Argan worth $842,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. New York State Teachers Retirement System purchased a new position in shares of Argan during the 4th quarter worth approximately $53,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Argan during the 4th quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Argan by 68.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,720 shares of the construction company’s stock worth $169,000 after purchasing an additional 1,511 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Argan during the 3rd quarter worth approximately $265,000. Finally, Watershed Asset Management L.L.C. acquired a new position in shares of Argan during the 3rd quarter worth approximately $268,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AGX. StockNews.com upgraded Argan from a “buy” rating to a “strong-buy” rating in a report on Monday, April 15th. Lake Street Capital boosted their price target on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a report on Friday, April 12th.

Argan Stock Down 0.7 %

Shares of NYSE AGX opened at $61.21 on Thursday. Argan, Inc. has a 52-week low of $37.37 and a 52-week high of $62.69. The firm has a fifty day moving average of $50.96 and a 200-day moving average of $47.46. The stock has a market capitalization of $810.42 million, a PE ratio of 25.61 and a beta of 0.49.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, April 11th. The construction company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. Argan had a net margin of 5.64% and a return on equity of 11.37%. The firm had revenue of $164.55 million during the quarter, compared to analysts’ expectations of $162.05 million. During the same period in the prior year, the company earned ($0.46) EPS. The firm’s revenue was up 38.5% on a year-over-year basis.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be given a dividend of $0.30 per share. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.96%. Argan’s dividend payout ratio (DPR) is 50.21%.

Insider Buying and Selling at Argan

In other Argan news, Director W G. Champion Mitchell sold 13,143 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total value of $790,814.31. Following the completion of the transaction, the director now directly owns 5,197 shares of the company’s stock, valued at approximately $312,703.49. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director W G. Champion Mitchell sold 2,507 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $61.48, for a total value of $154,130.36. Following the sale, the director now owns 2,500 shares in the company, valued at approximately $153,700. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director W G. Champion Mitchell sold 13,143 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total transaction of $790,814.31. Following the completion of the sale, the director now owns 5,197 shares in the company, valued at approximately $312,703.49. The disclosure for this sale can be found here. Insiders sold a total of 36,906 shares of company stock valued at $2,227,349 in the last ninety days. Insiders own 11.53% of the company’s stock.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.