Brandywine Global Investment Management LLC raised its position in Argan, Inc. (NYSE:AGX) by 328.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,537 shares of the construction company’s stock after acquiring an additional 35,677 shares during the quarter. Brandywine Global Investment Management LLC owned 0.30% of Argan worth $2,793,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in AGX. Nationwide Fund Advisors lifted its stake in Argan by 5.5% in the first quarter. Nationwide Fund Advisors now owns 20,897 shares of the construction company’s stock valued at $1,382,000 after buying an additional 1,088 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Argan by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 109,163 shares of the construction company’s stock valued at $7,221,000 after purchasing an additional 1,380 shares in the last quarter. Swiss National Bank raised its stake in shares of Argan by 4.2% during the first quarter. Swiss National Bank now owns 22,300 shares of the construction company’s stock valued at $1,475,000 after purchasing an additional 900 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of Argan during the first quarter valued at about $245,000. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Argan by 14.9% during the first quarter. Parametric Portfolio Associates LLC now owns 14,605 shares of the construction company’s stock valued at $966,000 after purchasing an additional 1,896 shares in the last quarter. 86.52% of the stock is owned by institutional investors and hedge funds.
In other Argan news, Director John Ronald Jr. Jeffrey bought 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were bought at an average cost of $62.49 per share, with a total value of $93,735.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.64% of the stock is owned by company insiders.
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Several brokerages have commented on AGX. BidaskClub raised Argan from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 19th. Sidoti began coverage on Argan in a research note on Wednesday, June 28th. They set a “neutral” rating on the stock.
Shares of Argan, Inc. (AGX) opened at 67.15 on Tuesday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 12.37 and a beta of 0.92. The company has a 50-day moving average price of $64.36 and a 200 day moving average price of $63.97. Argan, Inc. has a 12-month low of $54.00 and a 12-month high of $76.70.
Argan (NYSE:AGX) last released its earnings results on Thursday, September 7th. The construction company reported $1.72 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.69. Argan had a return on equity of 28.23% and a net margin of 9.88%. The business had revenue of $259.80 million for the quarter, compared to analysts’ expectations of $217.75 million. During the same quarter in the prior year, the firm earned $1.29 earnings per share. The firm’s revenue was up 59.9% on a year-over-year basis. Equities research analysts expect that Argan, Inc. will post $4.82 earnings per share for the current fiscal year.
The firm also recently announced an annual dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, October 20th will be paid a $1.00 dividend. The ex-dividend date is Thursday, October 19th. This is a boost from Argan’s previous annual dividend of $0.70. This represents a dividend yield of 1.63%. Argan’s dividend payout ratio (DPR) is presently 12.77%.
Argan Company Profile
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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