Wells Fargo & Company MN Lowers Stake in Argan, Inc. (NYSE:AGX)

Wells Fargo & Company MN lessened its holdings in Argan, Inc. (NYSE:AGX) by 29.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,253 shares of the construction company’s stock after selling 50,931 shares during the period. Wells Fargo & Company MN owned about 0.88% of Argan worth $16,342,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of AGX. Spire Wealth Management acquired a new stake in Argan in the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC purchased a new position in shares of Argan during the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC acquired a new stake in Argan in the 4th quarter valued at $35,000. Truvestments Capital LLC purchased a new stake in Argan in the 4th quarter worth $57,000. Finally, KBC Group NV acquired a new position in Argan during the fourth quarter worth $93,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insiders Place Their Bets

In related news, Director Peter W. Getsinger sold 7,385 shares of the stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the completion of the sale, the director now owns 11,792 shares of the company’s stock, valued at approximately $1,949,099.68. This trade represents a 38.51 % 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. Corporate insiders own 11.85% of the company’s stock.

Analyst Upgrades and Downgrades

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

Argan Price Performance

NYSE AGX opened at $148.66 on Monday. The stock’s 50 day simple moving average is $131.41 and its 200-day simple moving average is $138.14. The company has a market cap of $2.03 billion, a PE ratio of 31.10 and a beta of 0.45. Argan, Inc. has a 1-year low of $58.00 and a 1-year high of $191.46.

Argan (NYSE:AGX) last announced its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $1.07. The company had revenue of $232.47 million for the quarter, compared to analysts’ expectations of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business’s revenue for the quarter was up 41.3% on a year-over-year basis.

Argan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd will be issued 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 24.55%.

Argan Profile

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.