Rhumbline Advisers Sells 2,451 Shares of Argan, Inc. (NYSE:AGX)

Rhumbline Advisers cut its position in Argan, Inc. (NYSE:AGX) by 10.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 20,021 shares of the construction company’s stock after selling 2,451 shares during the quarter. Rhumbline Advisers’ holdings in Argan were worth $1,465,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. EntryPoint Capital LLC bought a new stake in shares of Argan in the first quarter valued at approximately $95,000. CWM LLC raised its stake in Argan by 84.6% during the 2nd quarter. CWM LLC now owns 2,457 shares of the construction company’s stock valued at $180,000 after purchasing an additional 1,126 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Argan in the 2nd quarter valued at $251,000. Price T Rowe Associates Inc. MD boosted its holdings in Argan by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,656 shares of the construction company’s stock valued at $286,000 after purchasing an additional 539 shares during the period. Finally, Bailard Inc. acquired a new stake in Argan in the 2nd quarter worth $293,000. Institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling at Argan

In related news, Director Rainer H. Bosselmann sold 25,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $71.52, for a total value of $1,788,000.00. Following the sale, the director now owns 273,916 shares of the company’s stock, valued at approximately $19,590,472.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Argan news, Director Peter W. Getsinger sold 1,405 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $78.36, for a total transaction of $110,095.80. Following the sale, the director now directly owns 13,000 shares of the company’s stock, valued at $1,018,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer H. Bosselmann sold 25,000 shares of Argan stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $71.52, for a total transaction of $1,788,000.00. Following the completion of the transaction, the director now owns 273,916 shares of the company’s stock, valued at approximately $19,590,472.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 83,539 shares of company stock valued at $6,341,435. 11.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AGX shares. Lake Street Capital upped their price objective on shares of Argan from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, June 7th. StockNews.com cut Argan from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th.

Argan Trading Up 0.9 %

Shares of NYSE AGX opened at $95.89 on Friday. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 34.12 and a beta of 0.51. Argan, Inc. has a one year low of $39.74 and a one year high of $97.17. The business has a fifty day simple moving average of $78.12 and a 200 day simple moving average of $68.49.

Argan (NYSE:AGX) last announced its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.34. Argan had a net margin of 6.11% and a return on equity of 14.80%. The company had revenue of $227.02 million during the quarter, compared to analysts’ expectations of $191.05 million. The business’s quarterly revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd will be paid a dividend of $0.375 per share. This is a boost from Argan’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, October 23rd. This represents a $1.50 dividend on an annualized basis and a yield of 1.56%. Argan’s dividend payout ratio (DPR) is currently 53.38%.

Argan 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.