GK Wealth Management LLC Invests $576,000 in Argan, Inc. $AGX

GK Wealth Management LLC bought a new stake in Argan, Inc. (NYSE:AGX) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,132 shares of the construction company’s stock, valued at approximately $576,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Trust Advisors LP grew its position in Argan by 14,436.3% in the second quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock valued at $72,624,000 after acquiring an additional 327,127 shares in the last quarter. State Street Corp boosted its stake in shares of Argan by 1.7% in the second quarter. State Street Corp now owns 324,356 shares of the construction company’s stock valued at $71,514,000 after purchasing an additional 5,575 shares during the period. Geode Capital Management LLC boosted its stake in shares of Argan by 3.9% in the second quarter. Geode Capital Management LLC now owns 314,453 shares of the construction company’s stock valued at $69,339,000 after purchasing an additional 11,788 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Argan by 696.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock valued at $65,480,000 after purchasing an additional 259,720 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in Argan by 168.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock worth $55,862,000 after buying an additional 159,149 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Stock Up 0.1%

NYSE:AGX opened at $370.26 on Wednesday. The company has a market cap of $5.14 billion, a PE ratio of 43.61 and a beta of 0.63. The business’s 50 day moving average is $339.47 and its two-hundred day moving average is $297.57. Argan, Inc. has a 52 week low of $101.02 and a 52 week high of $400.00.

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

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Thursday, January 22nd were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 22nd. Argan’s dividend payout ratio (DPR) is presently 23.56%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and upped their price objective for the company from $260.00 to $325.00 in a research report on Friday, December 5th. Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a report on Wednesday, December 24th. The Goldman Sachs Group initiated coverage on Argan in a research note on Tuesday, November 11th. They set a “buy” rating and a $397.00 price objective for the company. Glj Research raised Argan from a “hold” rating to a “buy” rating and upped their target price for the company from $251.00 to $369.00 in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $370.00 target price (up from $315.00) on shares of Argan in a research note on Monday, December 1st. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Argan currently has a consensus rating of “Hold” and a consensus target price of $355.20.

Insiders Place Their Bets

In other news, 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 transaction of $2,068,917.45. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cynthia Flanders sold 19,000 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total value of $7,347,300.00. Following the sale, the director owned 26,207 shares in the company, valued at $10,134,246.90. The trade was a 42.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 55,915 shares of company stock worth $20,182,794. Corporate insiders own 6.69% of the company’s stock.

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.