Franklin Resources Inc. Has $5.07 Million Holdings in Argan, Inc. $AGX

Franklin Resources Inc. lessened its position in shares of Argan, Inc. (NYSE:AGX) by 11.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,997 shares of the construction company’s stock after selling 2,839 shares during the period. Franklin Resources Inc. owned 0.17% of Argan worth $5,070,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Mark Sheptoff Financial Planning LLC acquired a new stake in Argan during the 2nd quarter worth about $44,000. IFP Advisors Inc bought a new stake in shares of Argan during the 2nd quarter valued at about $71,000. State of Wyoming acquired a new stake in Argan during the first quarter worth approximately $109,000. Caitong International Asset Management Co. Ltd increased its holdings in Argan by 16,640.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company’s stock worth $110,000 after purchasing an additional 832 shares in the last quarter. Finally, Kings Path Partners LLC bought a new stake in Argan in the second quarter worth approximately $170,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Trading Down 8.1%

AGX opened at $363.28 on Tuesday. The company’s fifty day moving average price is $308.64 and its two-hundred day moving average price is $251.40. Argan, Inc. has a 1-year low of $101.02 and a 1-year high of $399.30. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 43.66 and a beta of 0.64.

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

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Thursday, October 23rd were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.6%. This is an increase from Argan’s previous quarterly dividend of $0.38. Argan’s dividend payout ratio is presently 24.04%.

Insider Transactions at Argan

In other Argan news, Director Peter W. Getsinger sold 6,493 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $294.39, for a total transaction of $1,911,474.27. Following the transaction, the director directly owned 9,897 shares in the company, valued at approximately $2,913,577.83. This trade represents a 39.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cynthia Flanders sold 15,000 shares of Argan stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $271.96, for a total transaction of $4,079,400.00. Following the transaction, the director directly owned 16,428 shares in the company, valued at $4,467,758.88. This represents a 47.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 106,795 shares of company stock valued at $29,401,111. Corporate insiders own 6.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AGX has been the subject of several recent analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price objective (up previously from $315.00) on shares of Argan in a research report on Monday. The Goldman Sachs Group started coverage on shares of Argan in a research note on Tuesday, November 11th. They set a “buy” rating and a $397.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Argan in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Finally, UBS Group set a $315.00 price objective on shares of Argan in a research report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $310.17.

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.