1,609 Argan, Inc. $AGX Shares Sold by Moody Aldrich Partners LLC

Moody Aldrich Partners LLC trimmed its holdings in Argan, Inc. (NYSE:AGX) by 28.5% in the third quarter, Holdings Channel reports. The institutional investor owned 4,044 shares of the construction company’s stock after selling 1,609 shares during the quarter. Moody Aldrich Partners LLC’s holdings in Argan were worth $1,528,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AGX. BlackRock Inc. purchased a new stake in shares of Argan during the second quarter worth $1,764,086,000. First Trust Advisors LP grew its position in shares of Argan by 32.1% in the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after purchasing an additional 192,204 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Argan by 2.1% in the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company’s stock valued at $332,726,000 after purchasing an additional 12,300 shares in the last quarter. Maverick Capital Ltd. grew its position in shares of Argan by 5.9% in the first quarter. Maverick Capital Ltd. now owns 464,759 shares of the construction company’s stock valued at $253,131,000 after purchasing an additional 25,901 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Argan by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 397,962 shares of the construction company’s stock valued at $216,728,000 after purchasing an additional 4,954 shares during the period. Institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AGX shares. Piper Sandler assumed coverage on Argan in a report on Tuesday, September 8th. They set an “underweight” rating and a $273.00 price objective on the stock. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. JPMorgan Chase & Co. decreased their target price on shares of Argan from $800.00 to $785.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price on the stock in a research note on Thursday, September 3rd. Finally, Wall Street Zen upgraded Argan from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Argan currently has an average rating of “Moderate Buy” and a consensus price target of $509.00.

Argan Price Performance

Shares of AGX opened at $356.38 on Friday. Argan, Inc. has a 1 year low of $276.28 and a 1 year high of $805.75. The stock has a 50 day simple moving average of $392.54 and a two-hundred day simple moving average of $516.85. The firm has a market cap of $5.00 billion, a P/E ratio of 27.90, a P/E/G ratio of 2.57 and a beta of 0.56.

Argan (NYSE:AGX) last announced its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $1.12. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm had revenue of $383.98 million during the quarter, compared to analyst estimates of $300.53 million. During the same period in the previous year, the business posted $2.50 EPS. The business’s quarterly revenue was up 61.5% on a year-over-year basis. On average, equities analysts anticipate that Argan, Inc. will post 13.72 earnings per share for the current year.

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd will be issued a $0.70 dividend. This is an increase from Argan’s previous quarterly dividend of $0.50. This represents a $2.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, October 22nd. Argan’s dividend payout ratio (DPR) is presently 22.15%.

About Argan

Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.

Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.

Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.