PNC Financial Services Group Inc. Has $120,000 Stock Holdings in Argan, Inc. (NYSE:AGX)

PNC Financial Services Group Inc. reduced its stake in Argan, Inc. (NYSE:AGX) by 64.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,557 shares of the construction company’s stock after selling 4,622 shares during the period. PNC Financial Services Group Inc.’s holdings in Argan were worth $120,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Essex Investment Management Co. LLC acquired a new position in Argan in the 4th quarter valued at about $2,300,000. Los Angeles Capital Management LLC increased its stake in shares of Argan by 120.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 45,260 shares of the construction company’s stock worth $2,118,000 after purchasing an additional 24,769 shares during the period. Quadrature Capital Ltd acquired a new stake in Argan during the 3rd quarter worth approximately $708,000. Allspring Global Investments Holdings LLC boosted its stake in Argan by 360.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 18,005 shares of the construction company’s stock valued at $842,000 after purchasing an additional 14,092 shares during the period. Finally, Legato Capital Management LLC grew its holdings in Argan by 13.0% in the 4th quarter. Legato Capital Management LLC now owns 116,613 shares of the construction company’s stock valued at $5,456,000 after buying an additional 13,431 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AGX shares. Lake Street Capital lifted their target price on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, June 7th. StockNews.com downgraded shares of Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th.

Argan Price Performance

Argan stock opened at $72.03 on Friday. The firm has a market cap of $961.89 million, a PE ratio of 25.63 and a beta of 0.51. The stock’s fifty day moving average price is $70.05 and its two-hundred day moving average price is $56.15. Argan, Inc. has a one year low of $37.37 and a one year high of $78.95.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, June 6th. The construction company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. The company had revenue of $157.70 million for the quarter, compared to analysts’ expectations of $134.75 million. Argan had a return on equity of 13.22% and a net margin of 6.08%. Argan’s revenue was up 52.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) earnings per share.

Argan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 23rd will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Tuesday, July 23rd. Argan’s dividend payout ratio (DPR) is presently 42.70%.

Insider Buying and Selling

In other Argan news, Chairman William F. Griffin, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total transaction of $899,850.00. Following the completion of the transaction, the chairman now directly owns 14,150 shares in the company, valued at $848,858.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Argan news, Chairman William F. Griffin, Jr. sold 15,000 shares of Argan stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $59.99, for a total value of $899,850.00. Following the transaction, the chairman now owns 14,150 shares in the company, valued at $848,858.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mano S. Koilpillai sold 2,700 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $61.79, for a total value of $166,833.00. Following the transaction, the director now directly owns 7,608 shares of the company’s stock, valued at approximately $470,098.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,106 shares of company stock worth $4,662,427. Corporate insiders own 11.85% of the company’s stock.

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.