Shaker Investments LLC OH Lowers Holdings in Argan, Inc. $AGX

Shaker Investments LLC OH decreased its holdings in shares of Argan, Inc. (NYSE:AGX) by 15.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,061 shares of the construction company’s stock after selling 2,892 shares during the quarter. Argan comprises 2.1% of Shaker Investments LLC OH’s holdings, making the stock its 13th largest holding. Shaker Investments LLC OH owned approximately 0.12% of Argan worth $5,032,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Keybank National Association OH acquired a new position in shares of Argan in the 4th quarter valued at $229,000. Covenant Asset Management LLC acquired a new stake in shares of Argan during the 4th quarter worth about $2,748,000. M&T Bank Corp purchased a new stake in Argan in the 4th quarter valued at about $478,000. Ashton Thomas Private Wealth LLC raised its holdings in Argan by 3.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,992 shares of the construction company’s stock valued at $624,000 after buying an additional 64 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its position in Argan by 15.3% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,113 shares of the construction company’s stock valued at $1,289,000 after buying an additional 547 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling at Argan

In related news, CEO Charles Edwin Iv Collins sold 11,068 shares of Argan stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $621.61, for a total value of $6,879,979.48. Following the completion of the transaction, the chief executive officer directly owned 30,320 shares in the company, valued at approximately $18,847,215.20. This trade represents a 26.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William F. Leimkuhler sold 800 shares of the business’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $619.88, for a total value of $495,904.00. Following the transaction, the director directly owned 500 shares of the company’s stock, valued at $309,940. The trade was a 61.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 61,193 shares of company stock valued at $36,949,173. Insiders own 6.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AGX. The Goldman Sachs Group increased their target price on shares of Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Zacks Research upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Argan in a research report on Monday, April 6th. Lake Street Capital lifted their target price on shares of Argan from $325.00 to $375.00 and gave the company a “hold” rating in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. raised Argan from a “neutral” rating to an “overweight” rating and set a $550.00 target price on the stock in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $425.40.

Argan Stock Performance

Shares of AGX opened at $628.56 on Thursday. The stock has a market capitalization of $8.77 billion, a PE ratio of 64.53 and a beta of 0.46. Argan, Inc. has a 1 year low of $142.97 and a 1 year high of $683.12. The company’s 50-day simple moving average is $522.87 and its 200-day simple moving average is $403.12.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, March 26th. The construction company reported $3.47 EPS for the quarter, beating the consensus estimate of $1.99 by $1.48. Argan had a net margin of 14.59% and a return on equity of 33.62%. The business had revenue of $262.05 million during the quarter, compared to analyst estimates of $255.32 million. During the same quarter last year, the firm posted $2.22 earnings per share. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Argan, Inc. will post 11.44 earnings per share for the current year.

Argan declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 8th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd will be paid a $0.50 dividend. The ex-dividend date is Wednesday, April 22nd. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. Argan’s payout ratio is 20.53%.

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.