Pinnacle Associates Ltd. Raises Position in Argan, Inc. (NYSE:AGX)

by · The Markets Daily

Pinnacle Associates Ltd. raised its stake in Argan, Inc. (NYSE:AGX – Free Report) by 45.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,712 shares of the construction company’s stock after purchasing an additional 6,761 shares during the quarter. Pinnacle Associates Ltd. owned 0.16% of Argan worth $2,202,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Argan during the second quarter valued at approximately $41,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Argan during the third quarter valued at approximately $43,000. Copeland Capital Management LLC purchased a new stake in shares of Argan during the third quarter valued at approximately $56,000. Point72 DIFC Ltd purchased a new stake in shares of Argan during the second quarter valued at approximately $70,000. Finally, nVerses Capital LLC purchased a new stake in shares of Argan during the third quarter valued at approximately $91,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Read Our Latest Analysis on Argan

Argan Price Performance

NYSE:AGX opened at $136.91 on Friday. The business has a fifty day simple moving average of $103.21 and a two-hundred day simple moving average of $81.99. Argan, Inc. has a 1 year low of $39.74 and a 1 year high of $138.04. The company has a market capitalization of $1.85 billion, a P/E ratio of 43.05 and a beta of 0.53.

Argan (NYSE:AGX – Get Free Report) last released its earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping 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 business had revenue of $227.02 million during the quarter, compared to the consensus estimate of $191.05 million. The firm’s quarterly revenue was up 60.6% compared to the same quarter last year.

Argan Increases Dividend

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

Insiders Place Their Bets

In other news, Director Rainer H. Bosselmann sold 10,105 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $130.10, for a total value of $1,314,660.50. Following the completion of the transaction, the director now directly owns 219,879 shares of the company’s stock, valued at $28,606,257.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Rainer H. Bosselmann sold 10,105 shares of Argan stock in a transaction on 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 completion of the sale, the director now owns 219,879 shares of the company’s stock, valued at approximately $28,606,257.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rainer H. Bosselmann sold 4,598 shares of Argan stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $131.01, for a total value of $602,383.98. Following the sale, the director now directly owns 236,745 shares of the company’s stock, valued at $31,015,962.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,703 shares of company stock valued at $4,257,794 over the last ninety days. 11.85% of the stock is currently owned by insiders.

Argan Profile

(Free Report)

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.

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