Verity Asset Management Inc. Acquires Shares of 3,656 Argan, Inc. (AGX)
Verity Asset Management Inc. acquired a new position in Argan, Inc. (NYSE:AGX) during the second quarter, according to its most recent filing with the SEC. The firm acquired 3,656 shares of the construction company’s stock, valued at approximately $219,000.
Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. grew its position in shares of Argan by 117.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,775 shares of the construction company’s stock worth $106,000 after buying an additional 958 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Argan by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,001 shares of the construction company’s stock worth $120,000 after buying an additional 301 shares during the last quarter. Mckinley Capital Management LLC Delaware grew its position in shares of Argan by 30.9% in the 1st quarter. Mckinley Capital Management LLC Delaware now owns 3,174 shares of the construction company’s stock worth $210,000 after buying an additional 749 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Argan in the 1st quarter worth approximately $210,000. Finally, Legal & General Group Plc grew its position in shares of Argan by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 3,406 shares of the construction company’s stock worth $205,000 after buying an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 86.52% of the company’s stock.
In other news, Director John Ronald Jr. Jeffrey acquired 1,000 shares of Argan stock in a transaction on Monday, June 26th. The shares were bought at an average cost of $60.95 per share, for a total transaction of $60,950.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 7.64% of the company’s stock.
Shares of Argan, Inc. (AGX) traded down 0.24% during midday trading on Monday, hitting $61.20. The stock had a trading volume of 15,011 shares. The company’s 50 day moving average is $62.29 and its 200 day moving average is $64.24. The company has a market cap of $951.23 million, a PE ratio of 11.27 and a beta of 0.91. Argan, Inc. has a 52-week low of $53.87 and a 52-week high of $76.70.
Argan (NYSE:AGX) last released its quarterly earnings data on Thursday, September 7th. The construction company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.03 by $0.69. The company had revenue of $259.80 million for the quarter, compared to the consensus estimate of $217.75 million. Argan had a return on equity of 28.23% and a net margin of 9.88%. Argan’s quarterly revenue was up 59.9% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS. On average, analysts anticipate that Argan, Inc. will post $4.82 earnings per share for the current year.
The company also recently disclosed an annual dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, October 20th will be issued a dividend of $1.00 per share. This is an increase from Argan’s previous annual dividend of $0.70. This represents a yield of 1.63%. The ex-dividend date of this dividend is Thursday, October 19th. Argan’s dividend payout ratio (DPR) is presently 12.77%.
A number of brokerages have recently weighed in on AGX. BidaskClub upgraded Argan from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 19th. Sidoti began coverage on Argan in a research report on Wednesday, June 28th. They issued a “neutral” rating on the stock. Finally, Lake Street Capital lifted their price objective on Argan from $70.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, June 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $75.00.
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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