TD Asset Management Inc Makes New $35.63 Million Investment in Argan, Inc. $AGX

TD Asset Management Inc bought a new stake in shares of Argan, Inc. (NYSE:AGX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 131,933 shares of the construction company’s stock, valued at approximately $35,629,000. TD Asset Management Inc owned 0.96% of Argan as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. First Trust Advisors LP raised its position in Argan by 14,436.3% during the second quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock valued at $72,624,000 after buying an additional 327,127 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Argan by 696.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock valued at $65,480,000 after purchasing an additional 259,720 shares during the period. Jupiter Asset Management Ltd. lifted its position in shares of Argan by 1,142.2% in the second quarter. Jupiter Asset Management Ltd. now owns 188,665 shares of the construction company’s stock worth $41,597,000 after purchasing an additional 173,477 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Argan by 168.9% during the second quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock worth $55,862,000 after purchasing an additional 159,149 shares during the period. Finally, Invesco Ltd. grew its position in Argan by 172.5% during the second quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock valued at $50,687,000 after purchasing an additional 145,516 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director John Ronald Jr. Jeffrey sold 5,000 shares of Argan stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total value of $1,803,900.00. Following the transaction, the director directly owned 8,192 shares in the company, valued at approximately $2,955,509.76. The trade was a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Cynthia Flanders sold 19,000 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total value of $7,347,300.00. Following the transaction, the director directly owned 26,207 shares of the company’s stock, valued at $10,134,246.90. This represents a 42.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,915 shares of company stock worth $20,182,794 in the last ninety days. 6.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AGX. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. CJS Securities raised shares of Argan to a “hold” rating in a research note on Thursday, December 11th. Glj Research raised Argan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $251.00 to $369.00 in a research report on Monday, November 10th. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, The Goldman Sachs Group started coverage on Argan in a report on Tuesday, November 11th. They set a “buy” rating and a $397.00 price target for the company. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $355.20.

Argan Price Performance

Shares of NYSE:AGX opened at $450.76 on Friday. The stock has a market capitalization of $6.25 billion, a P/E ratio of 53.09 and a beta of 0.63. The business has a 50-day moving average of $366.73 and a two-hundred day moving average of $314.37. Argan, Inc. has a fifty-two week low of $101.02 and a fifty-two week high of $459.75.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.35. The business had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million. Argan had a return on equity of 31.38% and a net margin of 13.11%.The firm’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $2.00 EPS.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Thursday, January 22nd were paid a $0.50 dividend. The ex-dividend date was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan’s dividend payout ratio (DPR) is presently 23.56%.

Argan Profile

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.