Integrated Quantitative Investments LLC Sells 2,720 Shares of Argan, Inc. $AGX

Integrated Quantitative Investments LLC trimmed its stake in shares of Argan, Inc. (NYSE:AGX) by 37.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,593 shares of the construction company’s stock after selling 2,720 shares during the period. Integrated Quantitative Investments LLC’s holdings in Argan were worth $1,240,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AGX. Aster Capital Management DIFC Ltd purchased a new position in shares of Argan during the third quarter valued at about $25,000. Accredited Wealth Management LLC bought a new stake in Argan in the 3rd quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC bought a new stake in Argan in the 2nd quarter worth approximately $44,000. Eastern Bank bought a new position in shares of Argan during the 3rd quarter valued at approximately $55,000. Finally, Federated Hermes Inc. grew its holdings in shares of Argan by 22.0% in the third quarter. Federated Hermes Inc. now owns 255 shares of the construction company’s stock valued at $69,000 after purchasing an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Trading Up 5.4%

Shares of AGX opened at $462.54 on Thursday. The firm has a market capitalization of $6.42 billion, a P/E ratio of 54.48 and a beta of 0.57. Argan, Inc. has a 12-month low of $101.02 and a 12-month high of $469.88. The firm has a fifty day moving average price of $373.60 and a 200-day moving average price of $319.58.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, December 4th. The construction company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.35. Argan had a net margin of 13.11% and a return on equity of 31.38%. The firm had revenue of $251.15 million during the quarter, compared to the consensus estimate of $251.50 million. During the same quarter in the previous year, the firm posted $2.00 earnings per share. The company’s revenue was down 2.3% on a year-over-year basis.

Argan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Thursday, January 22nd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.4%. Argan’s dividend payout ratio is presently 23.56%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AGX shares. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and upped their target price for the company from $260.00 to $325.00 in a research report on Friday, December 5th. CJS Securities upgraded Argan to a “hold” rating in a report on Thursday, December 11th. The Goldman Sachs Group assumed coverage on Argan in a report on Tuesday, November 11th. They set a “buy” rating and a $397.00 price target on the stock. Glj Research raised shares of Argan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $251.00 to $369.00 in a research note on Monday, November 10th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Argan presently has a consensus rating of “Hold” and a consensus price target of $355.20.

Insider Activity

In related news, Director John Ronald Jr. Jeffrey sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total transaction of $1,803,900.00. Following the transaction, the director directly owned 8,192 shares of the company’s stock, valued at $2,955,509.76. This represents a 37.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William F. Leimkuhler sold 11,044 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director owned 49,939 shares in the company, valued at $18,934,371.85. The trade was a 18.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 55,915 shares of company stock worth $20,182,794. Company insiders own 6.69% of the company’s stock.

Argan 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.