Cim LLC Has $250,000 Stock Position in Argan, Inc. $AGX

Cim LLC reduced its holdings in shares of Argan, Inc. (NYSE:AGX) by 8.7% in the first quarter, Holdings Channel reports. The institutional investor owned 1,905 shares of the construction company’s stock after selling 182 shares during the period. Cim LLC’s holdings in Argan were worth $250,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Argan by 9.8% during the first quarter. Vanguard Group Inc. now owns 926,168 shares of the construction company’s stock valued at $121,485,000 after buying an additional 82,585 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Argan by 7.6% during the first quarter. American Century Companies Inc. now owns 517,302 shares of the construction company’s stock valued at $67,855,000 after buying an additional 36,644 shares during the last quarter. Goodlander Investment Management LLC acquired a new position in shares of Argan during the first quarter valued at about $18,364,000. Millennium Management LLC grew its holdings in shares of Argan by 12.2% during the first quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock valued at $15,452,000 after buying an additional 12,854 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Argan by 4.8% during the first quarter. Lord Abbett & CO. LLC now owns 114,839 shares of the construction company’s stock valued at $15,063,000 after buying an additional 5,298 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Argan

In other Argan news, CEO Charles Edwin Iv Collins sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $245.00, for a total value of $1,225,000.00. Following the transaction, the chief executive officer directly owned 14,506 shares in the company, valued at $3,553,970. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cynthia Flanders sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $234.56, for a total transaction of $469,120.00. Following the completion of the transaction, the director owned 31,428 shares in the company, valued at approximately $7,371,751.68. The trade was a 5.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,836 shares of company stock valued at $6,380,666. Corporate insiders own 6.69% of the company’s stock.

Argan Stock Performance

Argan stock opened at $230.80 on Friday. The stock has a market cap of $3.19 billion, a PE ratio of 27.74 and a beta of 0.62. Argan, Inc. has a fifty-two week low of $87.79 and a fifty-two week high of $253.79. The firm’s 50-day simple moving average is $223.59 and its 200 day simple moving average is $185.62.

Argan (NYSE:AGX) last released its earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.51. The firm had revenue of $237.74 million for the quarter, compared to analysts’ expectations of $243.97 million. Argan had a net margin of 12.73% and a return on equity of 32.61%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.31 earnings per share.

Argan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 23rd will be paid a $0.50 dividend. The ex-dividend date is Thursday, October 23rd. This is a positive change from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a yield of 0.9%. Argan’s dividend payout ratio is presently 18.03%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AGX. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Lake Street Capital boosted their price target on shares of Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a report on Friday, September 5th. JPMorgan Chase & Co. initiated coverage on shares of Argan in a report on Monday, July 21st. They set a “neutral” rating and a $220.00 price target on the stock. Finally, Kepler Capital Markets cut shares of Argan from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 28th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $210.00.

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.