Point72 Asset Management L.P. Has $3.28 Million Stock Holdings in Argan, Inc. (NYSE:AGX)

Point72 Asset Management L.P. increased its position in shares of Argan, Inc. (NYSE:AGX) by 416.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,949 shares of the construction company’s stock after acquiring an additional 19,310 shares during the quarter. Point72 Asset Management L.P.’s holdings in Argan were worth $3,282,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of AGX. Spire Wealth Management bought a new position in shares of Argan during the fourth quarter worth $26,000. Farther Finance Advisors LLC bought a new stake in shares of Argan in the 4th quarter valued at $32,000. Global Retirement Partners LLC acquired a new stake in Argan during the 4th quarter worth $35,000. Truvestments Capital LLC bought a new position in Argan during the fourth quarter worth about $57,000. Finally, Federated Hermes Inc. lifted its holdings in Argan by 1,123.5% during the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company’s stock worth $57,000 after acquiring an additional 382 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Performance

NYSE AGX opened at $189.37 on Wednesday. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 39.62 and a beta of 0.42. The business has a 50 day simple moving average of $145.85 and a 200 day simple moving average of $145.87. Argan, Inc. has a 52-week low of $63.53 and a 52-week high of $191.46.

Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $1.07. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $232.47 million during the quarter, compared to analysts’ expectations of $197.50 million. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Tuesday, April 22nd. Argan’s payout ratio is presently 24.55%.

Insiders Place Their Bets

In other news, CFO Richard H. Deily sold 1,565 shares of Argan stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total value of $238,380.80. Following the sale, the chief financial officer now directly owns 7,802 shares in the company, valued at $1,188,400.64. This trade represents a 16.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter W. Getsinger sold 5,000 shares of the business’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the sale, the director now directly owns 11,496 shares in the company, valued at approximately $1,667,264.88. This represents a 30.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,857 shares of company stock worth $1,308,133. Corporate insiders own 6.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Friday, March 28th.

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.