Franklin Resources Inc. Raises Holdings in Argan, Inc. (NYSE:AGX)

Franklin Resources Inc. increased its position in Argan, Inc. (NYSE:AGX) by 26.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 28,261 shares of the construction company’s stock after purchasing an additional 5,855 shares during the period. Franklin Resources Inc. owned 0.21% of Argan worth $3,873,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its stake in Argan by 18.1% in the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company’s stock valued at $65,869,000 after buying an additional 73,654 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Argan by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company’s stock valued at $3,836,000 after acquiring an additional 15,681 shares during the period. Principal Financial Group Inc. purchased a new stake in Argan in the 3rd quarter valued at $1,373,000. Victory Capital Management Inc. boosted its stake in Argan by 28.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company’s stock worth $2,400,000 after purchasing an additional 3,880 shares during the period. Finally, Intech Investment Management LLC grew its position in Argan by 95.7% during the 4th quarter. Intech Investment Management LLC now owns 6,543 shares of the construction company’s stock worth $897,000 after purchasing an additional 3,199 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Trading Up 7.7 %

NYSE:AGX opened at $148.66 on Friday. The stock’s 50 day simple moving average is $131.41 and its 200-day simple moving average is $137.87. Argan, Inc. has a 12-month low of $54.80 and a 12-month high of $191.46. The firm has a market cap of $2.03 billion, a P/E ratio of 31.10 and a beta of 0.45.

Argan (NYSE:AGX) last announced 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 company had revenue of $232.47 million for the quarter, compared to analysts’ expectations of $197.50 million. Argan’s quarterly revenue was up 41.3% compared to the same quarter last year.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 22nd will be given a $0.375 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $1.50 dividend on an annualized basis and a yield of 1.01%. Argan’s payout ratio is currently 24.55%.

Insider Activity at Argan

In other Argan news, Director Peter W. Getsinger sold 7,385 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the transaction, the director now owns 11,792 shares in the company, valued at approximately $1,949,099.68. The trade was a 38.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 11.85% of the stock is owned by insiders.

Analyst Ratings Changes

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

About Argan

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.