Bridgefront Capital LLC Takes Position in Argan, Inc. (NYSE:AGX)

Bridgefront Capital LLC acquired a new position in shares of Argan, Inc. (NYSE:AGX) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,726 shares of the construction company’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in AGX. Balyasny Asset Management L.P. bought a new stake in Argan during the 4th quarter valued at $23,064,000. Renaissance Technologies LLC raised its holdings in shares of Argan by 21.0% in the fourth quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after buying an additional 116,783 shares during the last quarter. Thames Capital Management LLC lifted its position in Argan by 286.8% during the 4th quarter. Thames Capital Management LLC now owns 117,384 shares of the construction company’s stock worth $16,086,000 after acquiring an additional 87,038 shares during the period. Bank of New York Mellon Corp boosted its position in Argan by 80.3% in the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock valued at $25,549,000 after buying an additional 83,039 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Argan by 37.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 295,349 shares of the construction company’s stock worth $40,475,000 after acquiring an additional 80,844 shares during the period. 79.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Argan

In other news, CFO Richard H. Deily sold 1,565 shares of the firm’s stock in a transaction 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 approximately $1,188,400.64. This trade represents a 16.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter W. Getsinger sold 2,292 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $150.35, for a total value of $344,602.20. Following the completion of the sale, the director now owns 9,500 shares in the company, valued at approximately $1,428,325. This represents a 19.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,857 shares of company stock valued at $1,308,133 in the last 90 days. Company insiders own 11.85% of the company’s stock.

Argan Stock Up 2.0 %

Shares of NYSE:AGX opened at $171.29 on Friday. The business has a fifty day moving average of $135.33 and a two-hundred day moving average of $142.91. Argan, Inc. has a 52-week low of $63.53 and a 52-week high of $191.46. The stock has a market cap of $2.34 billion, a P/E ratio of 35.83 and a beta of 0.42.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) 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 firm had revenue of $232.47 million for the quarter, compared to analyst estimates of $197.50 million. The firm’s revenue for the quarter was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a yield of 0.88%. Argan’s dividend payout ratio (DPR) is presently 24.55%.

Analyst Ratings Changes

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

Argan Company 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.