International Assets Investment Management LLC Acquires 49,274 Shares of Argan, Inc. $AGX

International Assets Investment Management LLC raised its holdings in Argan, Inc. (NYSE:AGX) by 6,787.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 50,000 shares of the construction company’s stock after acquiring an additional 49,274 shares during the quarter. International Assets Investment Management LLC’s holdings in Argan were worth $18,898,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of AGX. Baader Bank Aktiengesellschaft increased its holdings in shares of Argan by 0.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 5,030 shares of the construction company’s stock worth $2,734,000 after buying an additional 30 shares during the last quarter. Western Wealth Management LLC purchased a new stake in Argan during the first quarter valued at about $25,000. Public Employees Retirement System of Ohio purchased a new stake in Argan during the second quarter valued at about $38,000. Carnegie Investment Counsel raised its position in Argan by 1.2% during the third quarter. Carnegie Investment Counsel now owns 4,333 shares of the construction company’s stock valued at $1,638,000 after purchasing an additional 52 shares in the last quarter. Finally, Petra Financial Advisors Inc. lifted its stake in Argan by 2.9% during the first quarter. Petra Financial Advisors Inc. now owns 2,090 shares of the construction company’s stock worth $1,139,000 after purchasing an additional 59 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Weiss Ratings cut Argan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a report on Sunday, October 18th. 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 Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Finally, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Argan presently has a consensus rating of “Moderate Buy” and an average target price of $509.00.

Argan Stock Down 3.8%

Shares of NYSE:AGX opened at $343.34 on Friday. The stock has a market cap of $4.82 billion, a PE ratio of 28.23, a PEG ratio of 2.60 and a beta of 0.56. The company’s fifty day moving average is $389.12 and its 200 day moving average is $517.02. Argan, Inc. has a 52 week low of $276.28 and a 52 week high of $805.75.

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

Argan Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd were 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 was 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.