1,987 Argan, Inc. $AGX Shares Sold by Calamos Advisors LLC

Calamos Advisors LLC reduced its stake in shares of Argan, Inc. (NYSE:AGX) by 32.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,163 shares of the construction company’s stock after selling 1,987 shares during the period. Calamos Advisors LLC’s holdings in Argan were worth $1,573,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Argan in the 2nd quarter worth approximately $1,764,086,000. First Trust Advisors LP lifted its stake in Argan by 32.1% in the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after purchasing an additional 192,204 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Argan by 2.1% in the first quarter. Renaissance Technologies LLC now owns 610,899 shares of the construction company’s stock valued at $332,726,000 after purchasing an additional 12,300 shares during the last quarter. Maverick Capital Ltd. lifted its stake in Argan by 5.9% in the first quarter. Maverick Capital Ltd. now owns 464,759 shares of the construction company’s stock valued at $253,131,000 after purchasing an additional 25,901 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Argan by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 397,962 shares of the construction company’s stock valued at $216,728,000 after purchasing an additional 4,954 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Stock Up 10.1%

Shares of AGX opened at $305.46 on Tuesday. Argan, Inc. has a twelve month low of $252.88 and a twelve month high of $805.75. The stock has a market cap of $4.29 billion, a PE ratio of 23.00, a P/E/G ratio of 2.12 and a beta of 0.64. The business’s 50-day moving average price is $370.25 and its 200-day moving average price is $515.47.

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

Argan Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 22nd were issued a dividend of $0.70 per share. This is a boost from Argan’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, October 22nd. This represents a $2.80 dividend on an annualized basis and a yield of 0.9%. Argan’s payout ratio is currently 22.15%.

Analyst Ratings Changes

A number of research firms have issued reports on AGX. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 9th. Piper Sandler started coverage on Argan in a research report on Tuesday, September 8th. They set an “underweight” rating and a $273.00 price target on the stock. Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $600.00 price target on the stock in a research report on Thursday, September 3rd. Finally, Freedom Broker upgraded 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, three have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Argan presently has an average rating of “Hold” and an average price target of $544.00.

Argan Company Profile

Argan, Inc is a construction and engineering company focused primarily on power generation and related infrastructure. Through its subsidiaries, the company provides services that include engineering, procurement, construction, commissioning, and maintenance.

Its Gemma Power Systems subsidiary develops and builds power plants, including natural gas-fired and renewable energy facilities. Atlantic Projects Company provides construction, commissioning, and maintenance services for power generation and industrial facilities, while SMC Infrastructure Solutions serves the electric utility sector with infrastructure construction services.

Argan’s projects span the United States and international markets, with its subsidiaries serving customers in areas including Europe.