Pacad Investment Ltd. Takes Position in Argan, Inc. (AGX)

Pacad Investment Ltd. acquired a new position in Argan, Inc. (NYSE:AGX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,000 shares of the construction company’s stock, valued at approximately $360,000.

Other institutional investors have also modified their holdings of the company. Morgan Stanley grew its stake in shares of Argan by 5.2% in the first quarter. Morgan Stanley now owns 191,154 shares of the construction company’s stock worth $12,644,000 after purchasing an additional 9,464 shares during the last quarter. Bank of Montreal Can lifted its holdings in Argan by 27.1% in the first quarter. Bank of Montreal Can now owns 6,950 shares of the construction company’s stock valued at $460,000 after buying an additional 1,482 shares during the period. First Trust Advisors LP lifted its holdings in Argan by 32.0% in the second quarter. First Trust Advisors LP now owns 114,797 shares of the construction company’s stock valued at $6,888,000 after buying an additional 27,856 shares during the period. Private Advisor Group LLC acquired a new position in Argan in the first quarter valued at $210,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in Argan by 14.9% in the first quarter. Parametric Portfolio Associates LLC now owns 14,605 shares of the construction company’s stock valued at $966,000 after buying an additional 1,896 shares during the period. 86.52% of the stock is currently owned by institutional investors.

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Shares of Argan, Inc. (NYSE:AGX) opened at 64.65 on Friday. Argan, Inc. has a 52-week low of $54.00 and a 52-week high of $76.70. The company has a market capitalization of $1.00 billion, a P/E ratio of 11.91 and a beta of 0.91. The stock’s 50 day moving average is $62.18 and its 200 day moving average is $64.03.

Argan (NYSE:AGX) last issued its earnings results on Thursday, September 7th. The construction company reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.69. The company had revenue of $259.80 million for the quarter, compared to analysts’ expectations of $217.75 million. Argan had a net margin of 9.88% and a return on equity of 28.23%. The firm’s quarterly revenue was up 59.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS. Equities analysts expect that Argan, Inc. will post $4.82 EPS for the current year.

The company also recently declared an annual dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, October 20th will be given a dividend of $1.00 per share. This represents a dividend yield of 1.63%. This is a positive change from Argan’s previous annual dividend of $0.70. The ex-dividend date of this dividend is Thursday, October 19th. Argan’s dividend payout ratio is presently 12.77%.

Several equities analysts recently issued reports on AGX shares. Lake Street Capital boosted their target price on shares of Argan from $70.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, June 8th. BidaskClub lowered shares of Argan from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Finally, Sidoti began coverage on shares of Argan in a report on Wednesday, June 28th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $75.00.

In other news, Director John Ronald Jr. Jeffrey purchased 1,500 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was acquired at an average cost of $62.49 per share, with a total value of $93,735.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.50% of the company’s stock.

Argan 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.

Institutional Ownership by Quarter for Argan (NYSE:AGX)

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