Argan, Inc. $AGX Stake Cut by Bosun Asset Management LLC

Bosun Asset Management LLC cut its holdings in shares of Argan, Inc. (NYSE:AGX) by 27.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,119 shares of the construction company’s stock after selling 13,853 shares during the period. Argan accounts for approximately 2.4% of Bosun Asset Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Bosun Asset Management LLC’s holdings in Argan were worth $7,964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cetera Investment Advisers purchased a new position in Argan during the 1st quarter worth $992,000. LPL Financial LLC raised its stake in Argan by 13.2% in the first quarter. LPL Financial LLC now owns 29,595 shares of the construction company’s stock valued at $3,882,000 after buying an additional 3,453 shares during the last quarter. XTX Topco Ltd boosted its holdings in Argan by 86.2% in the first quarter. XTX Topco Ltd now owns 2,756 shares of the construction company’s stock worth $362,000 after acquiring an additional 1,276 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Argan by 9.8% during the first quarter. Vanguard Group Inc. now owns 926,168 shares of the construction company’s stock worth $121,485,000 after acquiring an additional 82,585 shares during the last quarter. Finally, Townsquare Capital LLC increased its holdings in shares of Argan by 30.9% during the first quarter. Townsquare Capital LLC now owns 3,711 shares of the construction company’s stock valued at $487,000 after acquiring an additional 876 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on AGX shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $370.00 target price (up from $315.00) on shares of Argan in a research note on Monday, December 1st. UBS Group set a $315.00 price objective on shares of Argan in a research note on Monday, October 13th. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Lake Street Capital lowered Argan from a “buy” rating to a “hold” rating and raised their target price for the stock from $260.00 to $325.00 in a research note on Friday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Argan in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $355.20.

Insider Activity at Argan

In other Argan news, Director William F. Leimkuhler sold 11,802 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $274.73, for a total value of $3,242,363.46. Following the completion of the transaction, the director directly owned 38,834 shares of the company’s stock, valued at approximately $10,668,864.82. The trade was a 23.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter W. Getsinger sold 6,493 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 9,897 shares in the company, valued at $2,913,577.83. The trade was a 39.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 106,795 shares of company stock valued at $29,401,111 in the last 90 days. 6.69% of the stock is currently owned by corporate insiders.

Argan Price Performance

Shares of Argan stock opened at $312.29 on Friday. The stock has a market cap of $4.31 billion, a PE ratio of 36.78 and a beta of 0.60. The firm has a fifty day moving average price of $315.23 and a 200 day moving average price of $255.32. Argan, Inc. has a 1 year low of $101.02 and a 1 year high of $399.30.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.35. The company had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million. Argan had a return on equity of 32.44% and a net margin of 13.11%.The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned $2.00 EPS.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Thursday, October 23rd were given a dividend of $0.50 per share. This is an increase from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, October 23rd. Argan’s dividend payout ratio (DPR) is 23.56%.

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.