Vise Technologies Inc. Makes New $1.25 Million Investment in Argan, Inc. $AGX

Vise Technologies Inc. bought a new stake in shares of Argan, Inc. (NYSE:AGX) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,300 shares of the construction company’s stock, valued at approximately $1,247,000.

Other hedge funds also recently bought and sold shares of the company. Summit Global Investments acquired a new position in shares of Argan in the third quarter worth $434,000. International Assets Investment Management LLC boosted its stake in shares of Argan by 6,787.1% during the third quarter. International Assets Investment Management LLC now owns 50,000 shares of the construction company’s stock valued at $18,898,000 after acquiring an additional 49,274 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in Argan by 16.3% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 7,410 shares of the construction company’s stock worth $2,801,000 after purchasing an additional 1,040 shares in the last quarter. BOKF NA increased its position in Argan by 57.1% during the 3rd quarter. BOKF NA now owns 2,199 shares of the construction company’s stock worth $831,000 after purchasing an additional 799 shares in the last quarter. Finally, Roman Butler Fullerton & Co. increased its position in Argan by 117.1% during the 3rd quarter. Roman Butler Fullerton & Co. now owns 1,674 shares of the construction company’s stock worth $595,000 after purchasing an additional 903 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

AGX has been the subject of several analyst reports. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price on the stock in a report on Thursday, September 3rd. Piper Sandler initiated coverage on shares of Argan in a research note on Tuesday, September 8th. They set an “underweight” rating and a $273.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Argan from $800.00 to $785.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. Weiss Ratings lowered shares of Argan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Finally, Freedom Broker raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $509.00.

Argan Stock Up 6.7%

AGX stock opened at $278.72 on Friday. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 2.02 and a beta of 0.64. Argan, Inc. has a 52-week low of $252.88 and a 52-week high of $805.75. The stock’s fifty day simple moving average is $372.54 and its 200-day simple moving average is $515.93.

Argan (NYSE:AGX) last released its earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating the consensus estimate of $2.64 by $1.12. Argan had a return on equity of 38.51% and a net margin of 15.09%. The firm had revenue of $383.98 million during the quarter, compared to analyst estimates of $300.53 million. During the same period in the prior year, the firm posted $2.50 earnings per share. The business’s quarterly revenue was up 61.5% compared to the same quarter last year. As a group, analysts anticipate that Argan, Inc. will post 13.72 earnings per share for the current fiscal year.

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 22nd were issued a $0.70 dividend. This is a positive change from Argan’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, October 22nd. This represents a $2.80 annualized dividend and a yield of 1.0%. Argan’s dividend payout ratio (DPR) is presently 22.15%.

Argan Company Profile

Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.

Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.

Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.