Mirae Asset Global Investments Co. Ltd. Has $16.39 Million Holdings in Argan, Inc. (NYSE:AGX)

Mirae Asset Global Investments Co. Ltd. cut its position in Argan, Inc. (NYSE:AGX) by 15.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 324,341 shares of the construction company’s stock after selling 61,141 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 2.45% of Argan worth $16,392,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC grew its position in shares of Argan by 120.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 45,260 shares of the construction company’s stock valued at $2,118,000 after acquiring an additional 24,769 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Argan by 360.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 18,005 shares of the construction company’s stock worth $842,000 after purchasing an additional 14,092 shares during the period. SG Americas Securities LLC increased its position in Argan by 18.8% during the fourth quarter. SG Americas Securities LLC now owns 6,918 shares of the construction company’s stock worth $324,000 after buying an additional 1,093 shares during the last quarter. Trexquant Investment LP bought a new stake in Argan in the fourth quarter valued at approximately $623,000. Finally, Teacher Retirement System of Texas raised its stake in Argan by 91.6% in the fourth quarter. Teacher Retirement System of Texas now owns 18,210 shares of the construction company’s stock valued at $852,000 after buying an additional 8,704 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman William F. Griffin, Jr. sold 15,000 shares of Argan stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total value of $899,850.00. Following the completion of the sale, the chairman now directly owns 14,150 shares in the company, valued at $848,858.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Argan news, Director W G. Champion Mitchell sold 13,143 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $60.17, for a total value of $790,814.31. Following the transaction, the director now directly owns 5,197 shares of the company’s stock, valued at approximately $312,703.49. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman William F. Griffin, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $59.99, for a total transaction of $899,850.00. Following the sale, the chairman now directly owns 14,150 shares of the company’s stock, valued at approximately $848,858.50. The disclosure for this sale can be found here. Insiders have sold a total of 69,106 shares of company stock worth $4,662,427 in the last quarter. Corporate insiders own 11.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on AGX. Lake Street Capital increased their price target on Argan from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, June 7th. StockNews.com lowered shares of Argan from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th.

Argan Trading Down 1.8 %

Shares of NYSE:AGX traded down $1.28 during trading on Friday, reaching $70.75. 111,883 shares of the stock were exchanged, compared to its average volume of 224,777. The firm has a market cap of $944.51 million, a PE ratio of 25.18 and a beta of 0.51. Argan, Inc. has a 12 month low of $37.37 and a 12 month high of $78.95. The stock has a 50-day moving average price of $70.23 and a 200-day moving average price of $56.41.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, June 6th. The construction company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. The firm had revenue of $157.70 million for the quarter, compared to analyst estimates of $134.75 million. Argan had a return on equity of 13.22% and a net margin of 6.08%. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS.

Argan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 23rd will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, July 23rd. Argan’s dividend payout ratio is currently 42.70%.

Argan Company Profile

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.