Tidal Investments LLC Grows Holdings in Argan, Inc. $AGX

Tidal Investments LLC grew its position in Argan, Inc. (NYSE:AGX) by 166.8% in the second quarter, HoldingsChannel reports. The fund owned 17,921 shares of the construction company’s stock after acquiring an additional 11,205 shares during the quarter. Tidal Investments LLC’s holdings in Argan were worth $14,311,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Western Wealth Management LLC purchased a new position in shares of Argan in the 1st quarter valued at about $25,000. Danske Bank A S purchased a new position in Argan during the third quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. purchased a new position in Argan during the fourth quarter worth approximately $30,000. Hilton Head Capital Partners LLC acquired a new stake in Argan in the fourth quarter valued at approximately $31,000. Finally, SJS Investment Consulting Inc. increased its position in shares of Argan by 2,950.0% in the first quarter. SJS Investment Consulting Inc. now owns 61 shares of the construction company’s stock valued at $33,000 after buying an additional 59 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Argan

In related news, Director John Jeffrey, Jr. sold 5,716 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $579.64, for a total value of $3,313,222.24. Following the completion of the sale, the director owned 2,533 shares of the company’s stock, valued at approximately $1,468,228.12. This trade represents a 69.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter W. Getsinger sold 2,000 shares of Argan stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $699.00, for a total value of $1,398,000.00. Following the transaction, the director owned 4,880 shares in the company, valued at approximately $3,411,120. The trade was a 29.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,973 shares of company stock worth $55,381,828 in the last 90 days. 2.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AGX shares. Piper Sandler assumed coverage on Argan in a research note on Tuesday. They set an “underweight” rating and a $273.00 target price for the company. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. Weiss Ratings raised shares of Argan from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, August 27th. Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 7th. Finally, Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 target price for the company in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $437.50.

Argan Price Performance

NYSE AGX opened at $414.07 on Friday. The stock’s 50 day simple moving average is $538.95 and its 200-day simple moving average is $583.23. The company has a market cap of $5.81 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 2.92 and a beta of 0.57. Argan, Inc. has a 1-year low of $227.79 and a 1-year high of $805.75.

Argan (NYSE:AGX) last issued its quarterly earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, topping the consensus estimate of $2.64 by $1.12. Argan had a return on equity of 38.51% and a net margin of 15.09%.The firm had revenue of $383.98 million during the quarter, compared to analysts’ expectations of $300.53 million. During the same period in the previous year, the business earned $2.50 earnings per share. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. On average, equities research analysts anticipate that Argan, Inc. will post 13.56 EPS for the current fiscal year.

Argan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 22nd will be paid a $0.70 dividend. This is an increase from Argan’s previous quarterly dividend of $0.50. This represents a $2.80 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, October 22nd. Argan’s payout ratio is 15.82%.

Argan Profile

Argan, Inc is an engineering, procurement and construction company that provides services to the power generation and energy infrastructure industries. The company supports the development, construction, commissioning and maintenance of power facilities, including natural gas-fired power plants, renewable energy projects and energy storage installations.

Argan primarily operates through subsidiaries including Gemma Power Systems, which provides engineering, project management and construction services for power generation projects; The Roberts Company, which performs industrial fabrication, equipment installation and field services; and Atlantic Projects Company, which provides engineering and construction services for power and industrial facilities.