Pinnacle Wealth Management Advisory Group LLC Sells 925 Shares of Argan, Inc. $AGX

Pinnacle Wealth Management Advisory Group LLC trimmed its position in shares of Argan, Inc. (NYSE:AGX) by 66.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 460 shares of the construction company’s stock after selling 925 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Argan were worth $251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Argan in the 3rd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Argan during the 4th quarter valued at $30,000. Montag A & Associates Inc. bought a new position in Argan in the 4th quarter valued at $30,000. Hilton Head Capital Partners LLC bought a new position in Argan in the 4th quarter valued at $31,000. Finally, AdvisorNet Financial Inc acquired a new position in Argan in the first quarter worth $54,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Performance

NYSE:AGX opened at $788.57 on Tuesday. The company has a market cap of $11.06 billion, a price-to-earnings ratio of 69.29 and a beta of 0.59. The stock’s fifty day moving average price is $678.39 and its two-hundred day moving average price is $507.97. Argan, Inc. has a 52-week low of $196.90 and a 52-week high of $798.00.

Argan (NYSE:AGX) last released its earnings results on Thursday, June 4th. The construction company reported $3.24 EPS for the quarter, beating the consensus estimate of $2.31 by $0.93. The company had revenue of $290.95 million during the quarter, compared to analysts’ expectations of $256.03 million. Argan had a return on equity of 36.89% and a net margin of 15.48%.The business’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same period last year, the firm earned $1.60 EPS. On average, equities analysts predict that Argan, Inc. will post 12.6 EPS for the current fiscal year.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 23rd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Thursday, July 23rd. Argan’s dividend payout ratio (DPR) is presently 17.57%.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on AGX. Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. The Goldman Sachs Group upped their price target on shares of Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Lake Street Capital increased their price objective on shares of Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a report on Friday, June 5th. JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price objective for the company in a research report on Friday, March 27th. Finally, Freedom Capital upgraded shares of Argan to a “hold” rating in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $470.40.

Insider Transactions at Argan

In other Argan news, CEO David Hibbert Watson sold 1,880 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $707.35, for a total transaction of $1,329,818.00. Following the completion of the sale, the chief executive officer directly owned 40,005 shares of the company’s stock, valued at approximately $28,297,536.75. The trade was a 4.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Peter W. Getsinger sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $699.00, for a total transaction of $1,398,000.00. Following the completion of the transaction, the director directly owned 4,880 shares in the company, valued at $3,411,120. This trade represents a 29.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 182,244 shares of company stock valued at $120,837,004. 6.69% of the stock is currently owned by insiders.

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.