3,777 Shares in Argan, Inc. $AGX Purchased by Ieq Capital LLC

Ieq Capital LLC acquired a new position in Argan, Inc. (NYSE:AGX) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,777 shares of the construction company’s stock, valued at approximately $3,016,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Western Wealth Management LLC bought a new stake in shares of Argan in the 1st quarter worth approximately $25,000. Danske Bank A S bought a new position in Argan during the 3rd quarter valued at approximately $27,000. Montag A & Associates Inc. purchased a new position in Argan during the fourth quarter valued at $30,000. University of Texas Texas AM Investment Management Co. purchased a new position in Argan during the fourth quarter valued at $30,000. Finally, Hilton Head Capital Partners LLC bought a new stake in Argan in the fourth quarter worth $31,000. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AGX has been the topic of a number of recent research reports. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Lake Street Capital upped their price target on shares of Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a research note on Friday, June 5th. Weiss Ratings downgraded shares of Argan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of Argan from a “buy” rating to a “hold” rating in a research note on Saturday. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $470.40.

Insider Buying and Selling at Argan

In other news, CEO David Hibbert Watson sold 9,993 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $651.22, for a total transaction of $6,507,641.46. Following the sale, the chief executive officer owned 40,005 shares of the company’s stock, valued at $26,052,056.10. This trade represents a 19.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter W. Getsinger sold 4,728 shares of Argan stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $708.65, for a total transaction of $3,350,497.20. Following the completion of the sale, the director owned 6,880 shares of the company’s stock, valued at $4,875,512. This represents a 40.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 127,973 shares of company stock worth $87,554,828. 2.99% of the stock is owned by company insiders.

Argan Trading Down 6.5%

Shares of AGX opened at $469.15 on Tuesday. The company has a market cap of $6.58 billion, a price-to-earnings ratio of 41.23 and a beta of 0.61. The business’s fifty day simple moving average is $628.88 and its two-hundred day simple moving average is $581.86. Argan, Inc. has a 12 month low of $197.00 and a 12 month high of $805.75.

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

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 23rd were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan’s payout ratio is 17.57%.

Argan Company 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.