SteelPeak Wealth LLC Purchases 1,462 Shares of Argan, Inc. $AGX

SteelPeak Wealth LLC boosted its position in shares of Argan, Inc. (NYSE:AGX) by 21.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 8,273 shares of the construction company’s stock after acquiring an additional 1,462 shares during the quarter. SteelPeak Wealth LLC’s holdings in Argan were worth $1,824,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in Argan by 2,987.5% during the 1st quarter. Larson Financial Group LLC now owns 247 shares of the construction company’s stock valued at $32,000 after purchasing an additional 239 shares during the last quarter. State of Wyoming bought a new position in Argan during the 1st quarter valued at about $109,000. Caitong International Asset Management Co. Ltd grew its holdings in Argan by 16,640.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 837 shares of the construction company’s stock valued at $110,000 after purchasing an additional 832 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Argan by 12.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,059 shares of the construction company’s stock valued at $139,000 after purchasing an additional 119 shares during the last quarter. Finally, Kings Path Partners LLC bought a new position in Argan during the 2nd quarter valued at about $170,000. 79.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AGX has been the topic of a number of research reports. Glj Research initiated coverage on shares of Argan in a research report on Monday, September 22nd. They set a “hold” rating and a $251.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Argan in a research report on Saturday, September 27th. JPMorgan Chase & Co. initiated coverage on shares of Argan in a research report on Monday, July 21st. They set a “neutral” rating and a $220.00 target price on the stock. Wall Street Zen raised shares of Argan from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Finally, Lake Street Capital raised their target price on shares of Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $220.25.

Insider Activity

In other Argan news, Director Peter W. Getsinger sold 2,609 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $239.68, for a total value of $625,325.12. Following the completion of the sale, the director directly owned 12,896 shares in the company, valued at $3,090,913.28. This trade represents a 16.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William F. Leimkuhler sold 11,802 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.73, for a total transaction of $3,242,363.46. Following the completion of the sale, the director owned 38,834 shares of the company’s stock, valued at approximately $10,668,864.82. This trade represents a 23.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,027 shares of company stock valued at $18,492,595. 6.69% of the stock is currently owned by corporate insiders.

Argan Stock Performance

NYSE AGX opened at $268.24 on Wednesday. The firm’s 50 day moving average price is $239.05 and its 200-day moving average price is $202.82. Argan, Inc. has a 52-week low of $101.02 and a 52-week high of $283.35. The company has a market cap of $3.70 billion, a PE ratio of 32.24 and a beta of 0.64.

Argan (NYSE:AGX) last released its quarterly earnings data on Thursday, September 4th. The construction company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.51. Argan had a net margin of 12.73% and a return on equity of 32.61%. The firm had revenue of $237.74 million for the quarter, compared to the consensus estimate of $243.97 million. During the same period last year, the firm earned $1.31 earnings per share. The company’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 will be paid on Friday, October 31st. Stockholders of record on Thursday, October 23rd will be paid a dividend of $0.50 per share. This is a boost from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, October 23rd. Argan’s payout ratio is 18.03%.

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.