Prudential Financial Inc. lifted its position in shares of Argan, Inc. (NYSE:AGX) by 5.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 639,082 shares of the construction company’s stock after acquiring an additional 30,270 shares during the period. Prudential Financial Inc. owned approximately 4.12% of Argan worth $38,345,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its position in Argan by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 57,362 shares of the construction company’s stock worth $3,442,000 after purchasing an additional 1,785 shares in the last quarter. Victory Capital Management Inc. increased its position in Argan by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,001 shares of the construction company’s stock valued at $120,000 after acquiring an additional 301 shares during the period. Virginia Retirement Systems ET AL acquired a new position in Argan in the 2nd quarter valued at approximately $1,842,000. Legal & General Group Plc increased its position in Argan by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 3,406 shares of the construction company’s stock valued at $205,000 after acquiring an additional 190 shares during the period. Finally, Alps Advisors Inc. increased its position in Argan by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,069 shares of the construction company’s stock valued at $424,000 after acquiring an additional 19 shares during the period. Institutional investors and hedge funds own 86.65% of the company’s stock.
In other Argan news, Director John Ronald Jr. Jeffrey purchased 1,000 shares of Argan stock in a transaction dated Monday, June 26th. The stock was acquired at an average cost of $60.95 per share, with a total value of $60,950.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 9.50% of the stock is owned by company insiders.
Shares of Argan, Inc. (AGX) traded up 1.49% during trading on Friday, reaching $61.35. 248,248 shares of the company traded hands. The company’s 50-day moving average price is $62.29 and its 200-day moving average price is $64.24. 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 $953.56 million, a P/E ratio of 11.30 and a beta of 0.91.
Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, September 7th. The construction company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.69. Argan had a return on equity of 28.23% and a net margin of 9.88%. The firm had revenue of $259.80 million for the quarter, compared to the consensus estimate of $217.75 million. During the same quarter last year, the business posted $1.29 EPS. The firm’s quarterly revenue was up 59.9% compared to the same quarter last year. Equities research analysts forecast that Argan, Inc. will post $4.82 EPS for the current fiscal year.
The firm also recently declared an annual dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, October 20th will be issued a $1.00 dividend. This is a boost from Argan’s previous annual dividend of $0.70. This represents a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, October 19th. Argan’s dividend payout ratio (DPR) is currently 12.77%.
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Several research firms have recently weighed in on AGX. BidaskClub lowered shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Lake Street Capital raised their price target on shares of Argan from $70.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, June 8th. Finally, Sidoti began coverage on shares of Argan in a research note on Wednesday, June 28th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Argan currently has a consensus rating of “Hold” and an average target price of $75.00.
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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