Raymond James & Associates Lowers Stock Holdings in Argan, Inc. (NYSE:AGX)

Raymond James & Associates reduced its position in shares of Argan, Inc. (NYSE:AGX) by 27.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,054 shares of the construction company’s stock after selling 20,197 shares during the period. Raymond James & Associates’ holdings in Argan were worth $5,483,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AGX. Allspring Global Investments Holdings LLC boosted its holdings in Argan by 12.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 20,264 shares of the construction company’s stock valued at $1,024,000 after purchasing an additional 2,259 shares during the period. BNP Paribas Financial Markets boosted its holdings in Argan by 18.3% in the first quarter. BNP Paribas Financial Markets now owns 10,426 shares of the construction company’s stock valued at $527,000 after purchasing an additional 1,611 shares during the period. Vanguard Group Inc. boosted its holdings in Argan by 1.7% in the first quarter. Vanguard Group Inc. now owns 726,171 shares of the construction company’s stock valued at $36,701,000 after purchasing an additional 12,162 shares during the period. Acadian Asset Management LLC boosted its holdings in Argan by 2.2% in the first quarter. Acadian Asset Management LLC now owns 131,987 shares of the construction company’s stock valued at $6,668,000 after purchasing an additional 2,778 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in Argan in the first quarter valued at $95,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com cut Argan from a “buy” rating to a “hold” rating in a research note on Tuesday.

Insider Transactions at Argan

In other news, Director Rainer H. Bosselmann sold 10,105 shares of Argan stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the sale, the director now owns 219,879 shares in the company, valued at approximately $28,606,257.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Rainer H. Bosselmann sold 10,105 shares of Argan stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the sale, the director now owns 219,879 shares in the company, valued at approximately $28,606,257.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rainer H. Bosselmann sold 4,598 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were 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 in the company, valued at $31,015,962.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,703 shares of company stock worth $4,257,794. Corporate insiders own 11.85% of the company’s stock.

Argan Price Performance

Argan stock opened at $136.91 on Friday. Argan, Inc. has a 1-year low of $39.74 and a 1-year high of $138.04. The stock has a market cap of $1.85 billion, a PE ratio of 43.05 and a beta of 0.53. The stock’s fifty day moving average is $103.21 and its two-hundred day moving average is $81.99.

Argan (NYSE:AGX) last posted 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. Argan had a return on equity of 14.80% and a net margin of 6.11%. The company had revenue of $227.02 million for the quarter, compared to analysts’ expectations of $191.05 million. The firm’s quarterly revenue was up 60.6% on a year-over-year basis.

Argan Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd were given a dividend of $0.375 per share. The ex-dividend date was Wednesday, October 23rd. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.10%. This is a boost from Argan’s previous quarterly dividend of $0.30. Argan’s payout ratio is 47.17%.

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.