Spire Wealth Management Takes Position in Argan, Inc. $AGX

Spire Wealth Management purchased a new position in shares of Argan, Inc. (NYSE:AGX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,941 shares of the construction company’s stock, valued at approximately $794,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Argan by 12.2% in the first quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock valued at $15,452,000 after buying an additional 12,854 shares during the period. NewEdge Advisors LLC increased its holdings in Argan by 118.3% in the 1st quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company’s stock worth $697,000 after acquiring an additional 2,881 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Argan by 13.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 35,567 shares of the construction company’s stock valued at $4,665,000 after acquiring an additional 4,196 shares during the period. Focus Partners Wealth bought a new position in Argan during the first quarter worth about $3,932,000. Finally, Intech Investment Management LLC increased its stake in shares of Argan by 37.3% in the first quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company’s stock worth $1,179,000 after purchasing an additional 2,442 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

Argan Stock Down 0.8%

NYSE:AGX opened at $311.58 on Friday. The stock has a market cap of $4.32 billion, a P/E ratio of 36.70 and a beta of 0.64. The business’s 50-day moving average price is $335.43 and its two-hundred day moving average price is $274.66. Argan, Inc. has a twelve month low of $101.02 and a twelve month high of $399.30.

Argan (NYSE:AGX) last posted its quarterly earnings data 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. Argan had a net margin of 13.11% and a return on equity of 31.38%. The company had revenue of $251.15 million for the quarter, compared to analysts’ expectations of $251.50 million. During the same period in the prior year, the business earned $2.00 earnings per share. Argan’s revenue for the quarter was down 2.3% compared to the same quarter last year.

Argan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 22nd will be given a $0.50 dividend. The ex-dividend date is Thursday, January 22nd. This represents a $2.00 annualized dividend and a yield of 0.6%. Argan’s payout ratio is 23.56%.

Insider Transactions at Argan

In related news, CEO Charles Edwin Iv Collins sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $309.37, for a total value of $3,093,700.00. Following the completion of the sale, the chief executive officer owned 21,006 shares in the company, valued at $6,498,626.22. The trade was a 32.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Peter W. Getsinger sold 6,595 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $313.71, for a total value of $2,068,917.45. Following the completion of the sale, the director directly owned 7,847 shares of the company’s stock, valued at approximately $2,461,682.37. This represents a 45.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,288 shares of company stock worth $12,287,886 in the last three months. Insiders own 6.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on AGX shares. CJS Securities upgraded shares of Argan to a “hold” rating in a research note on Thursday, December 11th. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and lifted their price target for the company from $260.00 to $325.00 in a research report on Friday, December 5th. UBS Group set a $315.00 price objective on Argan in a research note on Monday, October 13th. Glj Research upgraded Argan from a “hold” rating to a “buy” rating and raised their target price for the stock from $251.00 to $369.00 in a research note on Monday, November 10th. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $355.20.

Argan Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.