Los Angeles Capital Management LLC Purchases 2,877 Shares of Argan, Inc. (NYSE:AGX)

Los Angeles Capital Management LLC boosted its position in shares of Argan, Inc. (NYSE:AGX) by 61.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 7,575 shares of the construction company’s stock after acquiring an additional 2,877 shares during the period. Los Angeles Capital Management LLC’s holdings in Argan were worth $554,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in shares of Argan during the 1st quarter valued at approximately $95,000. CWM LLC lifted its position in Argan by 84.6% during the second quarter. CWM LLC now owns 2,457 shares of the construction company’s stock valued at $180,000 after purchasing an additional 1,126 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Argan in the 2nd quarter worth $251,000. Arizona State Retirement System bought a new stake in shares of Argan in the 2nd quarter worth about $258,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Argan by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,656 shares of the construction company’s stock valued at $286,000 after buying an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Transactions at Argan

In other news, Director James W. Quinn sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $89.68, for a total value of $896,800.00. Following the transaction, the director now directly owns 70,422 shares in the company, valued at $6,315,444.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Argan news, Director Peter W. Getsinger sold 1,405 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $78.36, for a total value of $110,095.80. Following the completion of the sale, the director now directly owns 13,000 shares in the company, valued at approximately $1,018,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James W. Quinn sold 10,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $89.68, for a total value of $896,800.00. Following the transaction, the director now directly owns 70,422 shares in the company, valued at approximately $6,315,444.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,039 shares of company stock worth $6,688,430. 11.85% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AGX has been the subject of several recent research reports. Lake Street Capital lifted their price target on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. StockNews.com downgraded Argan from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th.

Argan Trading Up 2.8 %

Argan stock opened at $91.10 on Friday. The firm has a market capitalization of $1.23 billion, a PE ratio of 32.42 and a beta of 0.51. Argan, Inc. has a 12-month low of $39.74 and a 12-month high of $95.73. The firm has a 50-day moving average price of $76.13 and a 200-day moving average price of $66.77.

Argan (NYSE:AGX) last announced its earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $191.05 million. The business’s revenue for the quarter was up 60.6% compared to the same quarter last year.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 23rd were paid a $0.30 dividend. The ex-dividend date was Tuesday, July 23rd. This represents a $1.20 dividend on an annualized basis and a yield of 1.32%. Argan’s payout ratio is 42.70%.

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.