Ellsworth Advisors LLC Has $795,000 Stock Holdings in Argan, Inc. (NYSE:AGX)

Ellsworth Advisors LLC raised its position in Argan, Inc. (NYSE:AGX) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,862 shares of the construction company’s stock after acquiring an additional 369 shares during the period. Ellsworth Advisors LLC owned about 0.08% of Argan worth $795,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AGX. New York State Teachers Retirement System acquired a new stake in Argan during the fourth quarter worth $53,000. DekaBank Deutsche Girozentrale bought a new position in shares of Argan during the 4th quarter worth approximately $64,000. Allspring Global Investments Holdings LLC grew its position in Argan by 360.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 18,005 shares of the construction company’s stock valued at $842,000 after acquiring an additional 14,092 shares during the period. Watershed Asset Management L.L.C. lifted its holdings in shares of Argan by 7.5% during the fourth quarter. Watershed Asset Management L.L.C. now owns 6,321 shares of the construction company’s stock valued at $296,000 after acquiring an additional 441 shares during the period. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Argan by 120.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 45,260 shares of the construction company’s stock valued at $2,118,000 after purchasing an additional 24,769 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Insider Transactions at Argan

In other Argan news, CEO David Hibbert Watson sold 15,134 shares of Argan stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $77.79, for a total transaction of $1,177,273.86. Following the completion of the sale, the chief executive officer now owns 44,348 shares of the company’s stock, valued at approximately $3,449,830.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Rainer H. Bosselmann sold 25,000 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $76.85, for a total value of $1,921,250.00. Following the completion of the transaction, the director now owns 272,719 shares of the company’s stock, valued at approximately $20,958,455.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Hibbert Watson sold 15,134 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $77.79, for a total transaction of $1,177,273.86. Following the completion of the sale, the chief executive officer now owns 44,348 shares of the company’s stock, valued at approximately $3,449,830.92. The disclosure for this sale can be found here. Insiders sold a total of 103,039 shares of company stock worth $7,712,880 in the last quarter. 11.85% of the stock is owned by company insiders.

Argan Stock Performance

AGX traded up $0.37 during midday trading on Friday, hitting $73.00. The company had a trading volume of 106,981 shares, compared to its average volume of 122,704. The company has a market capitalization of $974.84 million, a PE ratio of 25.98 and a beta of 0.51. The firm’s 50-day simple moving average is $74.32 and its 200-day simple moving average is $62.10. Argan, Inc. has a twelve month low of $39.67 and a twelve month high of $81.05.

Argan (NYSE:AGX) last released its earnings results on Thursday, June 6th. The construction company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. The company had revenue of $157.70 million during the quarter, compared to analysts’ expectations of $134.75 million. Argan had a return on equity of 13.22% and a net margin of 6.08%. The business’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period last year, the firm earned ($0.05) EPS.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 23rd were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Tuesday, July 23rd. Argan’s dividend payout ratio (DPR) is presently 42.70%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AGX shares. Lake Street Capital upped their price objective on shares of Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. StockNews.com downgraded Argan from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th.

Argan Profile

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.