3,854 Shares in Argan, Inc. $AGX Acquired by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. bought a new stake in Argan, Inc. (NYSE:AGX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,854 shares of the construction company’s stock, valued at approximately $3,078,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Western Wealth Management LLC bought a new position in shares of Argan in the first quarter worth $25,000. SJS Investment Consulting Inc. increased its holdings in shares of Argan by 2,950.0% during the first quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company’s stock valued at $33,000 after purchasing an additional 59 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Argan during the fourth quarter valued at about $30,000. Harbor Investment Advisory LLC bought a new stake in shares of Argan during the second quarter valued at about $77,000. Finally, Montag A & Associates Inc. acquired a new stake in Argan in the fourth quarter worth about $30,000. Institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Lake Street Capital increased their target price on shares of Argan from $375.00 to $600.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Weiss Ratings restated a “buy (b)” rating on shares of Argan in a research report on Thursday, July 2nd. Finally, Zacks Research raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $470.40.

Argan Stock Performance

Shares of NYSE:AGX opened at $579.67 on Tuesday. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 50.94 and a beta of 0.61. Argan, Inc. has a 1-year low of $197.00 and a 1-year high of $805.75. The company has a 50 day moving average price of $649.98 and a 200 day moving average price of $569.22.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.93. Argan had a return on equity of 36.89% and a net margin of 15.48%.The company had revenue of $290.95 million for the quarter, compared to analysts’ expectations of $256.03 million. During the same quarter in the prior year, the company earned $1.60 earnings per share. The firm’s revenue was up 50.2% on a year-over-year basis. On average, sell-side analysts expect that Argan, Inc. will post 12.6 EPS for the current fiscal year.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. Argan’s payout ratio is 17.57%.

Insider Activity at Argan

In related news, Director Karen Sweeney sold 300 shares of Argan stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $705.00, for a total value of $211,500.00. Following the transaction, the director owned 1,548 shares of the company’s stock, valued at approximately $1,091,340. This trade represents a 16.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joshua Scott Baugher sold 760 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $733.30, for a total value of $557,308.00. Following the sale, the chief financial officer owned 1,479 shares in the company, valued at approximately $1,084,550.70. The trade was a 33.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 127,973 shares of company stock valued at $87,554,828 over the last ninety days. Company insiders own 2.99% of the company’s stock.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.