Argan, Inc. (NYSE:AGX) Holdings Boosted by Geode Capital Management LLC

Geode Capital Management LLC grew its holdings in Argan, Inc. (NYSE:AGX) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 287,246 shares of the construction company’s stock after purchasing an additional 1,553 shares during the period. Geode Capital Management LLC owned approximately 2.13% of Argan worth $29,141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Argan in the 2nd quarter worth about $41,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Argan in the 3rd quarter valued at approximately $43,000. Copeland Capital Management LLC acquired a new position in Argan in the 3rd quarter valued at approximately $56,000. Point72 DIFC Ltd purchased a new stake in Argan in the 2nd quarter worth approximately $70,000. Finally, nVerses Capital LLC acquired a new stake in shares of Argan during the 3rd quarter valued at $91,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Performance

NYSE:AGX opened at $145.39 on Friday. The firm’s 50-day moving average is $143.79 and its 200-day moving average is $104.08. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 30.42 and a beta of 0.53. Argan, Inc. has a 52-week low of $43.44 and a 52-week high of $165.33.

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

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 23rd will be given a $0.375 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $1.50 annualized dividend and a yield of 1.03%. Argan’s dividend payout ratio (DPR) is currently 31.38%.

Insiders Place Their Bets

In related news, CEO David Hibbert Watson sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $146.05, for a total value of $1,460,500.00. Following the sale, the chief executive officer now owns 51,291 shares of the company’s stock, valued at $7,491,050.55. The trade was a 16.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rainer H. Bosselmann sold 10,105 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $130.10, for a total value of $1,314,660.50. Following the transaction, the director now owns 219,879 shares of the company’s stock, valued at $28,606,257.90. This represents a 4.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,703 shares of company stock worth $3,377,544 over the last 90 days. Corporate insiders own 11.85% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.