Wealth Enhancement Advisory Services LLC Makes New Investment in Argan, Inc. (NYSE:AGX)

Wealth Enhancement Advisory Services LLC acquired a new stake in Argan, Inc. (NYSE:AGX) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,572 shares of the construction company’s stock, valued at approximately $261,000.

Several other hedge funds have also recently bought and sold shares of the stock. Truist Financial Corp raised its stake in shares of Argan by 76.2% in the second quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after acquiring an additional 5,430 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Argan by 283.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company’s stock worth $5,836,000 after acquiring an additional 42,527 shares during the last quarter. Marshall Wace LLP bought a new position in Argan during the second quarter worth about $3,166,000. Cubist Systematic Strategies LLC acquired a new position in shares of Argan in the second quarter valued at approximately $2,628,000. Finally, MKP Capital Management L.L.C. acquired a new position in Argan in the 2nd quarter worth $878,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Argan from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th.

Insider Activity at Argan

In other news, Director Rainer H. Bosselmann sold 10,105 shares of the company’s stock in a transaction on Monday, October 21st. The shares were 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 directly owns 219,879 shares in the company, valued at approximately $28,606,257.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Rainer H. Bosselmann sold 10,105 shares of the firm’s stock in a transaction on 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 directly owns 219,879 shares of the company’s stock, valued at $28,606,257.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William F. Leimkuhler sold 10,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $96.20, for a total transaction of $962,000.00. Following the sale, the director now directly owns 35,852 shares of the company’s stock, valued at $3,448,962.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,703 shares of company stock valued at $4,257,794 over the last ninety days. 11.85% of the stock is owned by corporate insiders.

Argan Stock Performance

Shares of NYSE:AGX opened at $157.15 on Tuesday. Argan, Inc. has a 52-week low of $39.74 and a 52-week high of $162.78. The company has a market capitalization of $2.12 billion, a P/E ratio of 49.64 and a beta of 0.49. The company has a 50-day simple moving average of $110.40 and a 200 day simple moving average of $85.38.

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

Argan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Wednesday, October 23rd. This is an increase from Argan’s previous quarterly dividend of $0.30. Argan’s dividend payout ratio is 47.17%.

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.