City Center Advisors LLC Takes $223,000 Position in Argan, Inc. (NYSE:AGX)

City Center Advisors LLC purchased a new stake in shares of Argan, Inc. (NYSE:AGX) in the first quarter, HoldingsChannel reports. The institutional investor purchased 1,698 shares of the construction company’s stock, valued at approximately $223,000.

A number of other large investors have also recently modified their holdings of AGX. Spire Wealth Management bought a new stake in shares of Argan during the 4th quarter valued at about $26,000. Farther Finance Advisors LLC purchased a new position in shares of Argan during the 4th quarter valued at about $32,000. Global Retirement Partners LLC purchased a new position in shares of Argan during the 4th quarter valued at about $35,000. McIlrath & Eck LLC raised its holdings in shares of Argan by 419.4% during the 4th quarter. McIlrath & Eck LLC now owns 374 shares of the construction company’s stock valued at $51,000 after buying an additional 302 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Argan during the 4th quarter valued at about $57,000. Institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

AGX has been the topic of a number of research reports. Kepler Capital Markets cut Argan from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 28th. Lake Street Capital raised their price objective on Argan from $150.00 to $236.00 and gave the company a “buy” rating in a report on Thursday.

Insider Activity

In other news, Director Peter W. Getsinger sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the transaction, the director now directly owns 11,496 shares of the company’s stock, valued at approximately $1,667,264.88. The trade was a 30.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total value of $238,380.80. Following the sale, the chief financial officer now owns 7,802 shares in the company, valued at $1,188,400.64. This represents a 16.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,857 shares of company stock valued at $1,308,133. Company insiders own 6.69% of the company’s stock.

Argan Price Performance

Shares of Argan stock opened at $243.01 on Monday. The business’s 50 day simple moving average is $168.70 and its two-hundred day simple moving average is $151.64. The stock has a market capitalization of $3.31 billion, a P/E ratio of 50.84 and a beta of 0.55. Argan, Inc. has a one year low of $63.53 and a one year high of $246.60.

Argan (NYSE:AGX) last announced its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.51. The business had revenue of $193.66 million for the quarter, compared to analysts’ expectations of $193.75 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The business’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd were paid a dividend of $0.375 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $1.50 annualized dividend and a dividend yield of 0.62%. Argan’s dividend payout ratio (DPR) is presently 21.04%.

Argan Company 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.