Argan, Inc. (NYSE:AGX) Shares Purchased by Truist Financial Corp

Truist Financial Corp boosted its position in shares of Argan, Inc. (NYSE:AGX) by 76.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,552 shares of the construction company’s stock after acquiring an additional 5,430 shares during the period. Truist Financial Corp owned about 0.09% of Argan worth $918,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP acquired a new position in shares of Argan during the second quarter worth $3,166,000. Cubist Systematic Strategies LLC acquired a new position in shares of Argan during the 2nd quarter worth about $2,628,000. MKP Capital Management L.L.C. purchased a new position in shares of Argan in the 2nd quarter valued at about $878,000. Acadian Asset Management LLC raised its position in shares of Argan by 32.8% during the 2nd quarter. Acadian Asset Management LLC now owns 175,245 shares of the construction company’s stock worth $12,811,000 after acquiring an additional 43,258 shares in the last quarter. Finally, L & S Advisors Inc purchased a new stake in Argan during the second quarter worth approximately $1,273,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Down 1.0 %

Shares of Argan stock opened at $113.95 on Tuesday. Argan, Inc. has a 52 week low of $39.74 and a 52 week high of $116.56. The firm’s 50 day moving average is $87.32 and its two-hundred day moving average is $74.85. The firm has a market capitalization of $1.52 billion, a P/E ratio of 40.55 and a beta of 0.53.

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

Argan Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd will be given a dividend of $0.375 per share. This is a positive change from Argan’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $1.50 annualized dividend and a yield of 1.32%. Argan’s payout ratio is 53.38%.

Insider Buying and Selling at Argan

In other news, Director Peter W. Getsinger sold 1,405 shares of Argan stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $78.36, for a total value of $110,095.80. Following the transaction, the director now directly owns 13,000 shares of the company’s stock, valued at $1,018,680. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Peter W. Getsinger sold 1,405 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $78.36, for a total transaction of $110,095.80. Following the completion of the sale, the director now owns 13,000 shares in the company, valued at $1,018,680. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the director now owns 70,422 shares in the company, valued at approximately $6,315,444.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,539 shares of company stock worth $4,820,475. 11.85% of the stock is owned by insiders.

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.