Argan, Inc. $AGX Stock Holdings Boosted by Navellier & Associates Inc.

Navellier & Associates Inc. boosted its stake in shares of Argan, Inc. (NYSE:AGX) by 28.0% in the second quarter, Holdings Channel reports. The fund owned 38,247 shares of the construction company’s stock after purchasing an additional 8,364 shares during the period. Argan accounts for about 2.4% of Navellier & Associates Inc.’s portfolio, making the stock its 10th biggest position. Navellier & Associates Inc.’s holdings in Argan were worth $30,542,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC increased its holdings in shares of Argan by 127.7% in the second quarter. Hsbc Holdings PLC now owns 1,963 shares of the construction company’s stock valued at $1,567,000 after purchasing an additional 1,101 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Argan during the second quarter worth $12,757,000. Kingsview Wealth Management LLC acquired a new stake in shares of Argan during the second quarter worth $312,000. Glenview Trust Co purchased a new position in Argan in the 2nd quarter valued at $946,000. Finally, Empowered Funds LLC purchased a new position in Argan in the 2nd quarter valued at $9,490,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AGX has been the topic of several recent research reports. Lake Street Capital boosted their price objective on shares of Argan from $375.00 to $600.00 and gave the company a “hold” rating in a research note on Friday, June 5th. Wall Street Zen downgraded shares of Argan from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings raised shares of Argan from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Finally, Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $470.40.

Insiders Place Their Bets

In other news, Director Cynthia Flanders sold 2,596 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $666.31, for a total value of $1,729,740.76. Following the completion of the transaction, the director owned 23,144 shares in the company, valued at $15,421,078.64. This trade represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Peter W. Getsinger sold 4,728 shares of Argan stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $708.65, for a total value of $3,350,497.20. Following the transaction, the director directly owned 6,880 shares of the company’s stock, valued at $4,875,512. This trade represents a 40.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 127,973 shares of company stock valued at $87,554,828. Company insiders own 2.99% of the company’s stock.

Argan Price Performance

Shares of NYSE:AGX opened at $419.92 on Friday. The business’s 50 day simple moving average is $606.83 and its 200-day simple moving average is $582.92. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 36.90 and a beta of 0.61. Argan, Inc. has a 12 month low of $197.00 and a 12 month high of $805.75.

Argan (NYSE:AGX) last released its quarterly earnings data on Thursday, June 4th. The construction company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.93. The firm had revenue of $290.95 million during the quarter, compared to the consensus estimate of $256.03 million. Argan had a return on equity of 36.89% and a net margin of 15.48%.Argan’s quarterly revenue was up 50.2% on a year-over-year basis. During the same period last year, the business posted $1.60 EPS. On average, equities analysts anticipate that Argan, Inc. will post 12.6 earnings per share for the current year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 annualized dividend and a yield of 0.5%. Argan’s dividend payout ratio is 17.57%.

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.