Verition Fund Management LLC Sells 1,526 Shares of Argan, Inc. (NYSE:AGX)

Verition Fund Management LLC lowered its holdings in Argan, Inc. (NYSE:AGXFree Report) by 23.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,900 shares of the construction company’s stock after selling 1,526 shares during the quarter. Verition Fund Management LLC’s holdings in Argan were worth $497,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in 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 purchasing an additional 539 shares during the period. CWM LLC lifted its holdings in Argan by 84.6% in the second quarter. CWM LLC now owns 2,457 shares of the construction company’s stock worth $180,000 after buying an additional 1,126 shares during the period. SG Americas Securities LLC bought a new stake in Argan during the 2nd quarter valued at approximately $397,000. Ellsworth Advisors LLC grew its holdings in shares of Argan by 3.5% during the 2nd quarter. Ellsworth Advisors LLC now owns 10,862 shares of the construction company’s stock worth $795,000 after acquiring an additional 369 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new position in shares of Argan in the 2nd quarter worth approximately $251,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $96.39, for a total value of $481,950.00. Following the transaction, the director now directly owns 17,332 shares in the company, valued at $1,670,631.48. This trade represents a 22.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Rainer H. Bosselmann sold 10,105 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $130.10, for a total value of $1,314,660.50. Following 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 4.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,703 shares of company stock valued at $3,360,994. Corporate insiders own 11.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AGX. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and upped their price target for the stock from $85.00 to $150.00 in a research note on Tuesday, December 3rd. StockNews.com lowered shares of Argan from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, CJS Securities reissued a “market perform” rating and set a $150.00 price target on shares of Argan in a research report on Friday, December 6th.

Get Our Latest Report on Argan

Argan Stock Up 4.0 %

AGX stock opened at $148.16 on Thursday. The business has a 50 day moving average of $137.94 and a 200 day moving average of $99.03. The firm has a market cap of $2.01 billion, a PE ratio of 31.00 and a beta of 0.53. Argan, Inc. has a twelve month low of $42.54 and a twelve month high of $165.33.

Argan (NYSE:AGXGet Free Report) last announced its quarterly earnings data on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.26 by $0.74. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $225.60 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm’s revenue for the quarter was up 56.9% compared to the same quarter last year.

Argan Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 1.01%. This is an increase from Argan’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, October 23rd. Argan’s dividend payout ratio (DPR) is currently 31.38%.

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.

Further Reading

Want to see what other hedge funds are holding AGX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Argan, Inc. (NYSE:AGXFree Report).

Institutional Ownership by Quarter for Argan (NYSE:AGX)

Receive News & Ratings for Argan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Argan and related companies with MarketBeat.com's FREE daily email newsletter.