Ring Mountain Capital LLC Takes $297,000 Position in Argan, Inc. (NYSE:AGX)

Ring Mountain Capital LLC purchased a new stake in shares of Argan, Inc. (NYSE:AGX) in the 1st quarter, Holdings Channel reports. The fund purchased 2,262 shares of the construction company’s stock, valued at approximately $297,000.

Several other institutional investors and hedge funds have also recently modified their holdings of AGX. Balyasny Asset Management L.P. acquired a new position in shares of Argan during the fourth quarter worth $23,064,000. Renaissance Technologies LLC boosted its stake in shares of Argan by 21.0% during the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after acquiring an additional 116,783 shares in the last quarter. Thames Capital Management LLC boosted its stake in shares of 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 in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Argan by 37.7% during the 4th 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 in the last quarter. Finally, Soros Capital Management LLC purchased a new position in Argan in the 4th quarter valued at about $10,340,000. Institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling

In other news, Director James W. Quinn sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $207.92, for a total value of $8,316,800.00. Following the transaction, the director owned 16,557 shares of the company’s stock, valued at approximately $3,442,531.44. This trade represents a 70.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William F. Leimkuhler sold 7,604 shares of the business’s stock in a transaction on Monday, June 30th. The stock was sold at an average price of $222.03, for a total transaction of $1,688,316.12. Following the transaction, the director owned 50,636 shares in the company, valued at approximately $11,242,711.08. The trade was a 13.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,404 shares of company stock worth $18,221,387. Insiders own 6.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AGX has been the subject of several research reports. Lake Street Capital lifted their target price on shares of Argan from $150.00 to $236.00 and gave the company a “buy” rating in a report on Thursday, June 5th. Kepler Capital Markets lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 28th.

Argan Stock Performance

AGX opened at $210.23 on Friday. The company has a 50-day moving average of $206.55 and a 200-day moving average of $164.05. Argan, Inc. has a 1-year low of $63.53 and a 1-year high of $246.60. The company has a market capitalization of $2.87 billion, a P/E ratio of 29.49 and a beta of 0.54.

Argan (NYSE:AGX) last announced its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.51. Argan had a net margin of 11.00% and a return on equity of 29.61%. The company had revenue of $193.66 million for the quarter, compared to analysts’ expectations of $193.75 million. During the same quarter in the previous year, the company posted $0.58 EPS. The business’s revenue was up 22.8% compared to the same quarter last year.

Argan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Wednesday, July 23rd will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Wednesday, July 23rd. Argan’s dividend payout ratio is 21.04%.

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.