4,800 Shares in Argan, Inc. $AGX Acquired by Maxi Investments CY Ltd

Maxi Investments CY Ltd acquired a new stake in shares of Argan, Inc. (NYSE:AGX) in the fourth quarter, HoldingsChannel reports. The firm acquired 4,800 shares of the construction company’s stock, valued at approximately $1,504,000.

Several other hedge funds also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Argan during the third quarter worth $25,000. Danske Bank A S bought a new position in shares of Argan in the third quarter worth about $27,000. Montag A & Associates Inc. purchased a new position in Argan in the 4th quarter worth about $30,000. Accredited Wealth Management LLC purchased a new position in Argan in the 3rd quarter worth about $32,000. Finally, USA Financial Formulas bought a new stake in Argan during the 4th quarter valued at about $40,000. Institutional investors own 79.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AGX shares. Weiss Ratings reissued a “buy (b)” rating on shares of Argan in a research report on Monday, April 6th. Lake Street Capital lifted their price target on shares of Argan from $325.00 to $375.00 and gave the company a “hold” rating in a research note on Friday, March 27th. JPMorgan Chase & Co. raised Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price target on the stock in a research report on Friday, March 27th. Zacks Research raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 31st. Finally, Freedom Capital upgraded Argan to a “hold” rating in a report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $425.40.

Argan Price Performance

Shares of NYSE:AGX opened at $691.80 on Friday. The business’s 50-day moving average is $543.96 and its 200 day moving average is $415.32. Argan, Inc. has a 1 year low of $166.00 and a 1 year high of $742.30. The firm has a market capitalization of $9.65 billion, a P/E ratio of 71.03 and a beta of 0.61.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, March 26th. The construction company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $1.99 by $1.48. Argan had a return on equity of 33.62% and a net margin of 14.59%.The business had revenue of $262.05 million during the quarter, compared to the consensus estimate of $255.32 million. During the same quarter last year, the company earned $2.22 earnings per share. The company’s quarterly revenue was up 12.7% on a year-over-year basis. On average, analysts expect that Argan, Inc. will post 11.44 EPS for the current year.

Argan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Wednesday, April 22nd were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Wednesday, April 22nd. Argan’s dividend payout ratio (DPR) is presently 20.53%.

Argan declared that its Board of Directors has initiated a share buyback program on Wednesday, April 8th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the construction company to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Argan news, Director William F. Leimkuhler sold 800 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $619.88, for a total transaction of $495,904.00. Following the sale, the director owned 500 shares of the company’s stock, valued at approximately $309,940. The trade was a 61.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Ronald Jr. Jeffrey sold 2,698 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $664.84, for a total transaction of $1,793,738.32. Following the sale, the director directly owned 2,000 shares in the company, valued at approximately $1,329,680. This represents a 57.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 64,543 shares of company stock worth $39,054,956 over the last ninety days. Company insiders own 6.69% of the company’s stock.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.