Argan, Inc. (NYSE:AGX) Position Raised by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC boosted its holdings in Argan, Inc. (NYSE:AGX) by 11.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,044 shares of the construction company’s stock after buying an additional 211 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Argan were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AGX. Balyasny Asset Management L.P. acquired a new position in Argan in the fourth quarter worth approximately $23,064,000. Renaissance Technologies LLC grew its position in Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after buying an additional 116,783 shares during the last quarter. Thames Capital Management LLC grew its position in Argan by 286.8% in the fourth quarter. Thames Capital Management LLC now owns 117,384 shares of the construction company’s stock worth $16,086,000 after buying an additional 87,038 shares during the last quarter. Bank of New York Mellon Corp grew its position in Argan by 80.3% in the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock worth $25,549,000 after buying an additional 83,039 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Argan by 37.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company’s stock worth $40,475,000 after buying an additional 80,844 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Trading Down 1.9%

AGX stock opened at $217.95 on Friday. Argan, Inc. has a 1 year low of $63.53 and a 1 year high of $246.60. The company has a fifty day simple moving average of $175.94 and a 200 day simple moving average of $153.37. The firm has a market cap of $2.97 billion, a PE ratio of 45.60 and a beta of 0.55.

Argan (NYSE:AGX) last released its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.51. The business had revenue of $193.66 million during the quarter, compared to analyst estimates of $193.75 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. Argan’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.58 EPS.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Tuesday, April 22nd. Argan’s dividend payout ratio is 21.04%.

Analyst Ratings Changes

Several research firms have issued reports on AGX. Kepler Capital Markets lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 28th. Lake Street Capital lifted their price target on shares of Argan from $150.00 to $236.00 and gave the stock a “buy” rating in a research report on Thursday, June 5th.

Insider Transactions at Argan

In other news, Director Peter W. Getsinger sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total transaction of $725,150.00. Following the transaction, the director now owns 11,496 shares in the company, valued at approximately $1,667,264.88. The trade was a 30.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James W. Quinn sold 40,000 shares of the business’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $207.92, for a total transaction of $8,316,800.00. Following the transaction, the director now owns 16,557 shares in the company, valued at approximately $3,442,531.44. The trade was a 70.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,585 shares of company stock worth $12,666,783. 6.69% of the stock is currently owned by company insiders.

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.