Point72 Asia Singapore Pte. Ltd. Purchases New Shares in Argan, Inc. (NYSE:AGX)

Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Argan, Inc. (NYSE:AGX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 555 shares of the construction company’s stock, valued at approximately $41,000.

Other institutional investors have also recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in shares of Argan in the second quarter worth about $70,000. EntryPoint Capital LLC acquired a new position in shares of Argan in the first quarter valued at approximately $95,000. Quest Partners LLC increased its position in Argan by 3,321.4% in the 2nd quarter. Quest Partners LLC now owns 1,916 shares of the construction company’s stock valued at $140,000 after acquiring an additional 1,860 shares during the period. CWM LLC grew its stake in shares of Argan by 84.6% in the second quarter. CWM LLC now owns 2,457 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Argan in the second quarter valued at $251,000. 79.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on AGX. Lake Street Capital lifted their price objective on shares of Argan from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, June 7th. StockNews.com cut Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

Insider Activity at Argan

In other Argan news, CEO David Hibbert Watson sold 15,134 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $77.79, for a total value of $1,177,273.86. Following the completion of the sale, the chief executive officer now directly owns 44,348 shares of the company’s stock, valued at $3,449,830.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Argan news, CEO David Hibbert Watson sold 15,134 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $77.79, for a total transaction of $1,177,273.86. Following the transaction, the chief executive officer now directly owns 44,348 shares of the company’s stock, valued at approximately $3,449,830.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Rainer H. Bosselmann sold 25,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was 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 $19,590,472.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,539 shares of company stock valued at $7,785,385. Corporate insiders own 11.85% of the company’s stock.

Argan Stock Performance

NYSE AGX opened at $101.43 on Tuesday. The company has a market capitalization of $1.35 billion, a PE ratio of 35.21 and a beta of 0.51. The company has a 50-day simple moving average of $80.19 and a 200 day simple moving average of $70.35. Argan, Inc. has a 52-week low of $39.74 and a 52-week high of $103.00.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, September 5th. The construction company reported $1.31 EPS for the quarter, beating the consensus estimate of $0.97 by $0.34. The company 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 business’s quarterly revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be given a dividend of $0.375 per share. The ex-dividend date is Wednesday, October 23rd. This is a positive change from Argan’s previous quarterly dividend of $0.30. This represents a $1.50 annualized dividend and a dividend yield of 1.48%. Argan’s dividend payout ratio is 53.38%.

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.