Argan, Inc. (NYSE:AGX) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its position in shares of Argan, Inc. (NYSE:AGX) by 27.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,054 shares of the construction company’s stock after selling 20,197 shares during the quarter. Raymond James & Associates owned approximately 0.40% of Argan worth $5,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truist Financial Corp grew its position in Argan by 76.2% during the second quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after buying an additional 5,430 shares during the period. Marshall Wace LLP purchased a new position in Argan during the second quarter valued at $3,166,000. Cubist Systematic Strategies LLC purchased a new position in Argan during the second quarter valued at $2,628,000. MKP Capital Management L.L.C. purchased a new position in Argan during the second quarter valued at $878,000. Finally, Acadian Asset Management LLC lifted its holdings in Argan by 32.8% during the second quarter. Acadian Asset Management LLC now owns 175,245 shares of the construction company’s stock valued at $12,811,000 after purchasing an additional 43,258 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Up 3.7 %

AGX opened at $136.91 on Friday. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 43.05 and a beta of 0.53. Argan, Inc. has a 52-week low of $39.74 and a 52-week high of $138.04. The firm’s fifty day simple moving average is $103.21 and its two-hundred day simple moving average is $81.99.

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

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 23rd were issued a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Wednesday, October 23rd. This is a boost from Argan’s previous quarterly dividend of $0.30. Argan’s dividend payout ratio (DPR) is currently 47.17%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Argan from a “buy” rating to a “hold” rating in a report on Tuesday.

Insider Activity at Argan

In related news, Director William F. Leimkuhler sold 10,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the sale, the director now owns 35,852 shares of the company’s stock, valued at approximately $3,448,962.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Argan news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total transaction of $481,950.00. Following the completion of the sale, the director now owns 17,332 shares of the company’s stock, valued at $1,670,631.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William F. Leimkuhler sold 10,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the sale, the director now directly owns 35,852 shares of the company’s stock, valued at approximately $3,448,962.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,703 shares of company stock valued at $4,257,794. 11.85% of the stock is currently owned by insiders.

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.