Point Nemo Capital LLC Purchases New Shares in Argan, Inc. $AGX

Point Nemo Capital LLC acquired a new position in Argan, Inc. (NYSE:AGX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,404 shares of the construction company’s stock, valued at approximately $1,287,000.

Several other hedge funds have also modified their holdings of the company. Western Wealth Management LLC bought a new position in shares of Argan during the 1st quarter valued at approximately $25,000. Public Employees Retirement System of Ohio purchased a new position in shares of Argan in the second quarter valued at $38,000. GK Wealth Management LLC purchased a new position in shares of Argan in the third quarter valued at $42,000. Plato Investment Management Ltd bought a new stake in Argan in the second quarter worth $52,000. Finally, Harbor Investment Advisory LLC bought a new stake in Argan in the second quarter worth $77,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Price Performance

NYSE:AGX opened at $278.72 on Friday. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 2.02 and a beta of 0.64. Argan, Inc. has a 1 year low of $252.88 and a 1 year high of $805.75. The business has a 50 day simple moving average of $372.54 and a 200-day simple moving average of $515.93.

Argan (NYSE:AGX) last announced its earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $1.12. The firm had revenue of $383.98 million during the quarter, compared to analysts’ expectations of $300.53 million. Argan had a return on equity of 38.51% and a net margin of 15.09%. The company’s quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.50 EPS. As a group, analysts expect that Argan, Inc. will post 13.72 earnings per share for the current fiscal year.

Argan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 22nd were given a $0.70 dividend. This is a boost from Argan’s previous quarterly dividend of $0.50. This represents a $2.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Thursday, October 22nd. Argan’s dividend payout ratio is 22.15%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Argan from $800.00 to $785.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 29th. Freedom Broker raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 price objective for the company in a research note on Thursday, September 3rd. Zacks Research downgraded shares of Argan from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Finally, Piper Sandler assumed coverage on shares of Argan in a research report on Tuesday, September 8th. They set an “underweight” rating and a $273.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $509.00.

About Argan

Argan, Inc is a holding company that provides engineering, procurement, construction, commissioning, operations and maintenance services for the power generation and renewable energy industries. Its work supports the development, construction and improvement of utility-scale energy infrastructure.

Through its subsidiaries, Argan offers engineering and construction management, project development support, procurement, installation, startup and commissioning services. Its projects have included natural gas-fired power plants, solar and other renewable energy facilities, and related industrial and electrical infrastructure.

Argan’s principal operating businesses include Gemma Power Systems, which provides engineering, procurement and construction services for power generation and renewable energy projects, and Atlantic Projects Company, which provides engineering, project management and construction-related services.