Jaffetilchin Investment Partners LLC Takes Position in Argan, Inc. $AGX

Jaffetilchin Investment Partners LLC acquired a new position in shares of Argan, Inc. (NYSE:AGX) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 952 shares of the construction company’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Allianz Asset Management GmbH purchased a new position in Argan in the first quarter worth $262,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Argan in the 1st quarter worth $413,000. Cetera Investment Advisers acquired a new stake in shares of Argan in the 1st quarter worth $992,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Argan by 30.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,932 shares of the construction company’s stock worth $516,000 after buying an additional 923 shares during the last quarter. Finally, LPL Financial LLC increased its position in Argan by 13.2% during the 1st quarter. LPL Financial LLC now owns 29,595 shares of the construction company’s stock valued at $3,882,000 after buying an additional 3,453 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Activity

In related news, Director James W. Quinn sold 13,444 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $269.12, for a total transaction of $3,618,049.28. Following the completion of the transaction, the director directly owned 49,570 shares in the company, valued at $13,340,278.40. The trade was a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles Edwin Iv Collins sold 10,000 shares of the company’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $292.09, for a total transaction of $2,920,900.00. Following the completion of the sale, the chief executive officer directly owned 21,006 shares in the company, valued at approximately $6,135,642.54. The trade was a 32.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 106,795 shares of company stock valued at $29,401,111 over the last quarter. Insiders own 6.69% of the company’s stock.

Argan Stock Down 0.0%

Shares of NYSE:AGX opened at $371.88 on Wednesday. Argan, Inc. has a 52-week low of $101.02 and a 52-week high of $399.30. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 44.70 and a beta of 0.64. The business has a 50-day moving average price of $298.84 and a 200-day moving average price of $245.69.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, September 4th. The construction company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.51. Argan had a net margin of 12.73% and a return on equity of 32.61%. The company had revenue of $237.74 million for the quarter, compared to the consensus estimate of $243.97 million. During the same quarter in the prior year, the company earned $1.31 EPS. Argan’s quarterly revenue was up 4.7% on a year-over-year basis.

Argan Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd were paid a $0.50 dividend. The ex-dividend date was Thursday, October 23rd. This is an increase from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.5%. Argan’s dividend payout ratio (DPR) is currently 24.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on AGX shares. Lake Street Capital increased their price target on Argan from $236.00 to $260.00 and gave the company a “buy” rating in a research note on Friday, September 5th. JPMorgan Chase & Co. raised shares of Argan from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $220.00 to $315.00 in a research report on Monday, October 13th. UBS Group set a $315.00 target price on shares of Argan in a research note on Monday, October 13th. The Goldman Sachs Group assumed coverage on shares of Argan in a research report on Tuesday, November 11th. They set a “buy” rating and a $397.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research note on Friday, September 5th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $301.00.

Argan 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.