Ranger Investment Management L.P. Makes New Investment in Argan, Inc. $AGX

Ranger Investment Management L.P. purchased a new stake in Argan, Inc. (NYSE:AGX) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 47,889 shares of the construction company’s stock, valued at approximately $38,242,000. Argan makes up approximately 2.4% of Ranger Investment Management L.P.’s portfolio, making the stock its 6th largest position.

A number of other institutional investors and hedge funds also recently modified their holdings of AGX. Western Wealth Management LLC acquired a new position in shares of Argan in the 1st quarter worth $25,000. SJS Investment Consulting Inc. boosted its position in shares of Argan by 2,950.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company’s stock valued at $33,000 after purchasing an additional 59 shares during the period. Plato Investment Management Ltd acquired a new position in shares of Argan in the 2nd quarter valued at $52,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Argan in the 4th quarter valued at $30,000. Finally, Harbor Investment Advisory LLC purchased a new position in Argan in the 2nd quarter worth about $77,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Transactions at Argan

In other Argan news, Director Peter W. Getsinger sold 4,728 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $708.65, for a total value of $3,350,497.20. Following the completion of the sale, the director owned 6,880 shares in the company, valued at $4,875,512. This represents a 40.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cynthia Flanders sold 2,596 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $666.31, for a total transaction of $1,729,740.76. Following the transaction, the director owned 23,144 shares in the company, valued at approximately $15,421,078.64. This represents a 10.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 127,973 shares of company stock worth $87,554,828. 2.99% of the stock is owned by company insiders.

Argan Trading Up 0.5%

Shares of Argan stock opened at $504.36 on Monday. The stock has a 50-day moving average price of $633.25 and a 200 day moving average price of $581.24. The company has a market cap of $7.07 billion, a P/E ratio of 44.32 and a beta of 0.61. Argan, Inc. has a 1 year low of $197.00 and a 1 year high of $805.75.

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

Argan Dividend Announcement

The business 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. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Argan’s payout ratio is presently 17.57%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Argan from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings downgraded shares of Argan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Lake Street Capital upped their price target on shares of Argan from $375.00 to $600.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Finally, Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.