EAM Global Investors LLC Cuts Holdings in Argan, Inc. (NYSE:AGX)

EAM Global Investors LLC reduced its position in Argan, Inc. (NYSE:AGX) by 9.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,573 shares of the construction company’s stock after selling 4,682 shares during the period. Argan accounts for about 1.1% of EAM Global Investors LLC’s investment portfolio, making the stock its 15th biggest position. EAM Global Investors LLC owned about 0.34% of Argan worth $6,382,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Amundi lifted its holdings in shares of Argan by 8.6% in the 4th quarter. Amundi now owns 859 shares of the construction company’s stock valued at $118,000 after acquiring an additional 68 shares during the last quarter. Savant Capital LLC boosted its holdings in shares of Argan by 1.3% in the 4th quarter. Savant Capital LLC now owns 10,552 shares of the construction company’s stock worth $1,446,000 after purchasing an additional 133 shares during the period. Cerity Partners LLC increased its position in shares of Argan by 3.7% during the 4th quarter. Cerity Partners LLC now owns 4,042 shares of the construction company’s stock valued at $545,000 after purchasing an additional 144 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in Argan by 0.6% in the fourth quarter. Hillsdale Investment Management Inc. now owns 26,763 shares of the construction company’s stock worth $3,668,000 after buying an additional 150 shares during the last quarter. Finally, Spire Wealth Management purchased a new position in Argan during the fourth quarter worth $26,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Argan Stock Down 1.6 %

AGX opened at $145.19 on Wednesday. The business has a fifty day moving average of $131.16 and a 200 day moving average of $138.52. Argan, Inc. has a 52-week low of $58.73 and a 52-week high of $191.46. The stock has a market cap of $1.98 billion, a P/E ratio of 30.37 and a beta of 0.45.

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

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Tuesday, April 22nd. Argan’s dividend payout ratio (DPR) is presently 24.55%.

Wall Street Analysts Forecast Growth

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

Argan Company 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.