State Street Corp Acquires 16,055 Shares of Argan, Inc. (NYSE:AGX)

State Street Corp lifted its position in shares of Argan, Inc. (NYSE:AGX) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 353,984 shares of the construction company’s stock after acquiring an additional 16,055 shares during the quarter. State Street Corp owned approximately 2.62% of Argan worth $35,905,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Entropy Technologies LP grew its position in shares of Argan by 108.6% in the 3rd quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock valued at $721,000 after purchasing an additional 3,699 shares during the period. Truist Financial Corp boosted its position in Argan by 76.2% during the 2nd quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock worth $918,000 after acquiring an additional 5,430 shares during the last quarter. Penn Mutual Asset Management boosted its holdings in Argan by 195.6% during the third quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company’s stock worth $1,019,000 after purchasing an additional 6,650 shares during the last quarter. Saturna Capital Corp bought a new stake in Argan during the 3rd quarter worth about $395,000. Finally, Victory Capital Management Inc. boosted its position in Argan by 279.4% during the third quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company’s stock valued at $1,383,000 after purchasing an additional 10,041 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Price Performance

NYSE AGX opened at $139.33 on Friday. The stock has a market capitalization of $1.89 billion, a P/E ratio of 29.15 and a beta of 0.53. The business has a 50 day simple moving average of $142.51 and a 200 day simple moving average of $102.36. Argan, Inc. has a one year low of $43.44 and a one year high of $165.33.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.74. The business had revenue of $257.00 million for the quarter, compared to the consensus estimate of $225.60 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. Argan’s revenue for the quarter was up 56.9% on a year-over-year basis.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Thursday, January 23rd will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Thursday, January 23rd. Argan’s payout ratio is 31.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AGX shares. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and raised their price target for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities reissued a “market perform” rating and issued a $150.00 price objective on shares of Argan in a report on Friday, December 6th. Finally, StockNews.com cut Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.

Insider Buying and Selling at Argan

In other news, Director Rainer H. Bosselmann sold 10,105 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the completion of the transaction, the director now owns 219,879 shares of the company’s stock, valued at approximately $28,606,257.90. The trade was a 4.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William F. Leimkuhler sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $96.20, for a total value of $962,000.00. Following the transaction, the director now directly owns 35,852 shares in the company, valued at approximately $3,448,962.40. This represents a 21.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,703 shares of company stock worth $4,821,494. Insiders own 11.85% of the company’s stock.

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.