Geneva Partners LLC Invests $3.68 Million in Argan, Inc. $AGX

Geneva Partners LLC purchased a new stake in shares of Argan, Inc. (NYSE:AGX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,603 shares of the construction company’s stock, valued at approximately $3,676,000.

A number of other hedge funds also recently bought and sold shares of the company. Abacus FCF Advisors LLC bought a new stake in Argan during the 2nd quarter valued at about $14,788,000. Lisanti Capital Growth LLC bought a new position in shares of Argan in the second quarter worth approximately $4,795,000. NewEdge Wealth LLC purchased a new stake in shares of Argan during the second quarter valued at approximately $8,123,000. Great Lakes Advisors LLC bought a new stake in shares of Argan during the second quarter valued at approximately $4,775,000. Finally, BlackRock Inc. purchased a new position in Argan in the 2nd quarter worth approximately $1,764,086,000. Institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling

In other Argan news, Director Peter W. Getsinger sold 4,728 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $708.65, for a total value of $3,350,497.20. Following the transaction, the director directly owned 6,880 shares of the company’s stock, valued at approximately $4,875,512. This trade represents a 40.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman William F. Griffin, Jr. sold 50,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $643.46, for a total transaction of $32,173,000.00. Following the sale, the chairman directly owned 90,976 shares of the company’s stock, valued at $58,539,416.96. The trade was a 35.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 127,973 shares of company stock valued at $87,554,828 in the last 90 days. Insiders own 2.99% of the company’s stock.

Argan Trading Down 4.6%

Shares of AGX stock opened at $527.74 on Thursday. Argan, Inc. has a 12-month low of $197.00 and a 12-month high of $805.75. The firm’s 50 day moving average is $638.19 and its 200 day moving average is $578.99. The stock has a market capitalization of $7.40 billion, a P/E ratio of 46.37 and a beta of 0.61.

Argan (NYSE:AGX) last announced its earnings results on Thursday, June 4th. The construction company reported $3.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.93. The business had revenue of $290.95 million during the quarter, compared to analyst estimates of $256.03 million. Argan had a net margin of 15.48% and a return on equity of 36.89%. The company’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.60 EPS. As a group, equities analysts predict that Argan, Inc. will post 12.6 earnings per share for the current year.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Thursday, July 23rd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Thursday, July 23rd. Argan’s dividend payout ratio is 17.57%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AGX. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Lake Street Capital boosted their price target on Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a research note on Friday, June 5th. Finally, Weiss Ratings downgraded Argan from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Argan has an average rating of “Moderate Buy” and an average price target of $470.40.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.