Argan, Inc. (NYSE:AGX) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in shares of Argan, Inc. (NYSE:AGX) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,830 shares of the construction company’s stock after selling 109 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Argan were worth $490,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AGX. Entropy Technologies LP boosted its stake in Argan by 108.6% during the 3rd quarter. Entropy Technologies LP now owns 7,104 shares of the construction company’s stock valued at $721,000 after purchasing an additional 3,699 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Argan by 76.2% in the second quarter. Truist Financial Corp now owns 12,552 shares of the construction company’s stock valued at $918,000 after buying an additional 5,430 shares during the period. Saturna Capital Corp bought a new position in Argan during the third quarter valued at about $395,000. Victory Capital Management Inc. grew its holdings in Argan by 279.4% during the third quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company’s stock worth $1,383,000 after acquiring an additional 10,041 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Argan by 283.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 57,536 shares of the construction company’s stock worth $5,836,000 after acquiring an additional 42,527 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Argan Trading Down 0.9 %

AGX stock opened at $142.96 on Friday. The firm has a 50-day moving average of $139.45 and a two-hundred day moving average of $100.06. The firm has a market capitalization of $1.94 billion, a PE ratio of 29.91 and a beta of 0.53. Argan, Inc. has a one year low of $43.00 and a one year high of $165.33.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.26 by $0.74. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business had revenue of $257.00 million during the quarter, compared to the consensus estimate of $225.60 million. The business’s revenue for the quarter was up 56.9% on a year-over-year basis.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Thursday, January 23rd will be given a $0.375 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $1.50 annualized dividend and a dividend yield of 1.05%. Argan’s dividend payout ratio (DPR) is presently 31.38%.

Insider Transactions at Argan

In other Argan news, Director William F. Leimkuhler sold 10,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the sale, the director now owns 35,852 shares in the company, valued at $3,448,962.40. This represents a 21.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cynthia Flanders sold 5,000 shares of Argan stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total transaction of $481,950.00. Following the sale, the director now directly owns 17,332 shares of the company’s stock, valued at $1,670,631.48. This trade represents a 22.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,703 shares of company stock valued at $3,360,994 over the last quarter. Company insiders own 11.85% of the company’s stock.

Analyst Ratings Changes

AGX has been the subject of several research reports. StockNews.com lowered shares of Argan from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and raised their target price for the stock from $85.00 to $150.00 in a report on Tuesday, December 3rd. Finally, CJS Securities restated a “market perform” rating and issued a $150.00 price target on shares of Argan in a research report on Friday, December 6th.

About Argan

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.