CANADA LIFE ASSURANCE Co Has $932,000 Stock Holdings in Argan, Inc. (NYSE:AGX)

CANADA LIFE ASSURANCE Co lessened its stake in shares of Argan, Inc. (NYSE:AGX) by 12.7% during the 4th quarter, HoldingsChannel reports. The firm owned 6,795 shares of the construction company’s stock after selling 990 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Argan were worth $932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of AGX. Spire Wealth Management acquired a new stake in shares of Argan in the fourth quarter worth $26,000. Farther Finance Advisors LLC bought a new position in shares of Argan during the fourth quarter valued at $32,000. Global Retirement Partners LLC bought a new position in shares of Argan during the fourth quarter valued at $35,000. Truvestments Capital LLC bought a new position in shares of Argan during the fourth quarter valued at $57,000. Finally, Federated Hermes Inc. lifted its holdings in shares of Argan by 1,123.5% during the fourth quarter. Federated Hermes Inc. now owns 416 shares of the construction company’s stock valued at $57,000 after acquiring an additional 382 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Up 0.2 %

Shares of AGX stock opened at $151.88 on Tuesday. The stock has a 50-day moving average price of $130.03 and a 200 day moving average price of $141.05. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 31.77 and a beta of 0.45. Argan, Inc. has a 12 month low of $60.03 and a 12 month high of $191.46.

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

Argan Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 0.99%. Argan’s dividend payout ratio (DPR) is presently 24.55%.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 2,292 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $150.35, for a total transaction of $344,602.20. Following the sale, the director now directly owns 9,500 shares in the company, valued at $1,428,325. This trade represents a 19.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $150.00 price target 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.