Argan, Inc. $AGX Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its stake in Argan, Inc. (NYSE:AGX) by 67.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,165 shares of the construction company’s stock after purchasing an additional 1,270 shares during the period. Envestnet Asset Management Inc.’s holdings in Argan were worth $855,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of AGX. Millennium Management LLC raised its position in Argan by 12.2% in the 1st quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock valued at $15,452,000 after purchasing an additional 12,854 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Argan by 118.3% during the first quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company’s stock worth $697,000 after buying an additional 2,881 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Argan by 13.4% in the first 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 in the last quarter. Intech Investment Management LLC lifted its stake in 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 acquiring an additional 2,442 shares during the last quarter. Finally, World Investment Advisors purchased a new position in Argan in the second quarter worth approximately $220,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Stock Performance

Shares of AGX stock opened at $462.54 on Thursday. The stock’s 50-day moving average is $373.60 and its two-hundred day moving average is $319.58. Argan, Inc. has a 1 year low of $101.02 and a 1 year high of $469.88. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 54.48 and a beta of 0.57.

Argan (NYSE:AGX) last posted its earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.35. The business had revenue of $251.15 million during the quarter, compared to the consensus estimate of $251.50 million. Argan had a return on equity of 31.38% and a net margin of 13.11%.The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.00 EPS.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Thursday, January 22nd were paid a $0.50 dividend. The ex-dividend date was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan’s payout ratio is currently 23.56%.

Insider Buying and Selling

In other news, Director Cynthia Flanders sold 19,000 shares of Argan stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $386.70, for a total value of $7,347,300.00. Following the transaction, the director directly owned 26,207 shares of the company’s stock, valued at $10,134,246.90. The trade was a 42.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James W. Quinn sold 1,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $328.04, for a total transaction of $328,040.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,915 shares of company stock valued at $20,182,794 in the last 90 days. Company insiders own 6.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Glj Research raised shares of Argan from a “hold” rating to a “buy” rating and increased their price objective for the company from $251.00 to $369.00 in a research report on Monday, November 10th. Lake Street Capital downgraded shares of Argan from a “buy” rating to a “hold” rating and boosted their target price for the stock from $260.00 to $325.00 in a research note on Friday, December 5th. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Argan in a report on Wednesday, December 24th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $370.00 price objective (up from $315.00) on shares of Argan in a report on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target 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.