4,793 Shares in Argan, Inc. (NYSE:AGX) Acquired by Meritage Portfolio Management

Meritage Portfolio Management acquired a new stake in Argan, Inc. (NYSE:AGX) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,793 shares of the construction company’s stock, valued at approximately $486,000.

Several other institutional investors have also added to or reduced their stakes in AGX. Truist Financial Corp lifted its stake in Argan by 76.2% during the 2nd quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after acquiring an additional 5,430 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Argan by 283.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company’s stock valued at $5,836,000 after purchasing an additional 42,527 shares during the period. Marshall Wace LLP purchased a new stake in Argan in the second quarter worth approximately $3,166,000. Cubist Systematic Strategies LLC bought a new stake in Argan in the 2nd quarter worth approximately $2,628,000. Finally, MKP Capital Management L.L.C. purchased a new stake in Argan during the 2nd quarter valued at $878,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Stock Up 1.2 %

Shares of NYSE:AGX opened at $157.15 on Tuesday. The stock has a market capitalization of $2.12 billion, a PE ratio of 49.42 and a beta of 0.49. The firm’s 50 day moving average price is $110.40 and its 200-day moving average price is $85.38. Argan, Inc. has a twelve month low of $39.74 and a twelve month high of $162.78.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 EPS for the quarter, topping the consensus estimate of $0.97 by $0.34. Argan had a return on equity of 14.80% and a net margin of 6.11%. The firm had revenue of $227.02 million during the quarter, compared to analyst estimates of $191.05 million. Argan’s revenue for the quarter was up 60.6% compared to the same quarter last year.

Argan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were issued a dividend of $0.375 per share. The ex-dividend date was Wednesday, October 23rd. This represents a $1.50 annualized dividend and a yield of 0.95%. This is an increase from Argan’s previous quarterly dividend of $0.30. Argan’s payout ratio is currently 47.17%.

Insider Buying and Selling at Argan

In related news, Director James W. Quinn sold 10,000 shares of Argan stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $89.68, for a total transaction of $896,800.00. Following the transaction, the director now owns 70,422 shares in the company, valued at approximately $6,315,444.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director James W. Quinn sold 10,000 shares of Argan stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total transaction of $896,800.00. Following the sale, the director now owns 70,422 shares of the company’s stock, valued at approximately $6,315,444.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $131.01, for a total value of $602,383.98. Following the completion of the transaction, the director now owns 236,745 shares of the company’s stock, valued at $31,015,962.45. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,703 shares of company stock valued at $4,257,794 over the last 90 days. 11.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Argan from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.