Argan, Inc. $AGX Shares Sold by Delta Investment Management LLC

Delta Investment Management LLC cut its stake in Argan, Inc. (NYSE:AGX) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,995 shares of the construction company’s stock after selling 95 shares during the period. Delta Investment Management LLC’s holdings in Argan were worth $881,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AGX. Larson Financial Group LLC lifted its position in Argan by 2,987.5% during the first quarter. Larson Financial Group LLC now owns 247 shares of the construction company’s stock valued at $32,000 after buying an additional 239 shares in the last quarter. IFP Advisors Inc acquired a new position in Argan during the second quarter valued at approximately $71,000. State of Wyoming acquired a new position in Argan during the first quarter valued at approximately $109,000. Caitong International Asset Management Co. Ltd lifted its position in Argan by 16,640.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company’s stock valued at $110,000 after buying an additional 832 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Argan by 12.7% during the first quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company’s stock valued at $139,000 after buying an additional 119 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Stock Up 7.6%

AGX opened at $297.03 on Monday. The firm has a market capitalization of $4.10 billion, a P/E ratio of 35.70 and a beta of 0.64. The firm’s 50 day moving average is $252.78 and its 200-day moving average is $217.54. Argan, Inc. has a 52-week low of $101.02 and a 52-week high of $320.00.

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

Argan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 23rd will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Argan’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, October 23rd. Argan’s payout ratio is presently 24.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AGX shares. Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Zacks Research raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Glj Research assumed coverage on shares of Argan in a research note on Monday, September 22nd. They set a “hold” rating and a $251.00 price objective on the stock. UBS Group set a $315.00 price objective on shares of Argan in a research note on Monday, October 13th. Finally, JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $220.00 to $315.00 in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.20.

Insiders Place Their Bets

In related news, CEO Charles Edwin Iv Collins sold 10,000 shares of Argan stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $309.37, for a total value of $3,093,700.00. Following the completion of the sale, the chief executive officer owned 21,006 shares in the company, valued at approximately $6,498,626.22. The trade was a 32.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Hibbert Watson sold 4,441 shares of Argan stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $277.01, for a total transaction of $1,230,201.41. Following the completion of the sale, the chief executive officer owned 47,691 shares of the company’s stock, valued at approximately $13,210,883.91. This trade represents a 8.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,520 shares of company stock valued at $32,464,470. 6.69% of the stock is owned by insiders.

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.