71,689 Shares in Argan, Inc. (NYSE:AGX) Purchased by Hood River Capital Management LLC

Hood River Capital Management LLC acquired a new position in shares of Argan, Inc. (NYSE:AGX) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 71,689 shares of the construction company’s stock, valued at approximately $5,245,000. Hood River Capital Management LLC owned approximately 0.54% of Argan at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Cardinal Capital Management lifted its stake in shares of Argan by 1.2% in the second quarter. Cardinal Capital Management now owns 29,062 shares of the construction company’s stock worth $2,126,000 after buying an additional 338 shares in the last quarter. Ellsworth Advisors LLC boosted its holdings in shares of Argan by 3.5% during the 2nd quarter. Ellsworth Advisors LLC now owns 10,862 shares of the construction company’s stock worth $795,000 after purchasing an additional 369 shares during the last quarter. Savant Capital LLC boosted its holdings in shares of Argan by 4.4% during the 2nd quarter. Savant Capital LLC now owns 10,285 shares of the construction company’s stock worth $752,000 after purchasing an additional 431 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Argan by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,656 shares of the construction company’s stock valued at $286,000 after purchasing an additional 539 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Argan by 84.6% in the second quarter. CWM LLC now owns 2,457 shares of the construction company’s stock valued at $180,000 after purchasing an additional 1,126 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Buying and Selling

In other Argan news, Director Rainer H. Bosselmann sold 17,000 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $69.23, for a total transaction of $1,176,910.00. Following the transaction, the director now directly owns 247,719 shares in the company, valued at $17,149,586.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Rainer H. Bosselmann sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $71.52, for a total transaction of $1,788,000.00. Following the sale, the director now directly owns 273,916 shares of the company’s stock, valued at approximately $19,590,472.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rainer H. Bosselmann sold 17,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $69.23, for a total transaction of $1,176,910.00. Following the sale, the director now owns 247,719 shares in the company, valued at $17,149,586.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,539 shares of company stock valued at $7,303,435. Company insiders own 11.85% of the company’s stock.

Argan Stock Performance

Shares of Argan stock opened at $96.19 on Tuesday. Argan, Inc. has a fifty-two week low of $39.74 and a fifty-two week high of $97.66. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 34.23 and a beta of 0.51. The stock has a 50 day moving average of $78.50 and a 200 day moving average of $68.97.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.34. The firm had revenue of $227.02 million during the quarter, compared to the consensus estimate of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The firm’s revenue was up 60.6% compared to the same quarter last year.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be issued a $0.375 dividend. This is a positive change from Argan’s previous quarterly dividend of $0.30. This represents a $1.50 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Wednesday, October 23rd. Argan’s dividend payout ratio is currently 53.38%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AGX. StockNews.com cut Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th. Lake Street Capital raised their price objective on shares of Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 7th.

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.