Los Angeles Capital Management LLC Trims Position in Argan, Inc. (NYSE:AGX)

Posted by Defense World Staff on May 3rd, 2023

Los Angeles Capital Management LLC lessened its holdings in shares of Argan, Inc. (NYSE:AGX – Get Rating) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 31,378 shares of the construction company’s stock after selling 500 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.23% of Argan worth $1,157,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in AGX. Bank of New York Mellon Corp lifted its stake in shares of Argan by 3.3% during the 1st quarter. Bank of New York Mellon Corp now owns 120,094 shares of the construction company’s stock worth $4,874,000 after purchasing an additional 3,795 shares during the period. PNC Financial Services Group Inc. purchased a new position in shares of Argan during the 1st quarter worth $109,000. Bank of Montreal Can purchased a new position in shares of Argan during the 1st quarter worth $340,000. MetLife Investment Management LLC raised its position in shares of Argan by 45.5% in the 1st quarter. MetLife Investment Management LLC now owns 8,933 shares of the construction company’s stock worth $363,000 after buying an additional 2,793 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of Argan by 4.1% in the 1st quarter. Panagora Asset Management Inc. now owns 41,946 shares of the construction company’s stock worth $1,703,000 after buying an additional 1,638 shares during the period. Hedge funds and other institutional investors own 83.84% of the company’s stock.

Argan Trading Up 2.2 %

Shares of AGX opened at $41.50 on Wednesday. The firm has a market capitalization of $556.10 million, a P/E ratio of 17.58 and a beta of 0.63. The stock’s fifty day simple moving average is $39.79 and its 200 day simple moving average is $37.90. Argan, Inc. has a twelve month low of $31.26 and a twelve month high of $43.50.

Argan (NYSE:AGX – Get Rating) last released its quarterly earnings data on Wednesday, April 12th. The construction company reported $1.00 EPS for the quarter. Argan had a return on equity of 11.70% and a net margin of 7.27%. The company had revenue of $118.78 million for the quarter.

Argan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Thursday, April 20th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Wednesday, April 19th. Argan’s dividend payout ratio (DPR) is presently 42.37%.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Argan in a research report on Thursday, March 16th. They issued a “buy” rating on the stock.

Argan Company Profile

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Argan, Inc is a construction company, which engages in the operations of its wholly owned subsidiaries. It operates through the following business segments: Power Industry Services, Telecommunications Infrastructure Services, and Industrial Fabrication and Field Services. The Power Industry Services segment includes engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market.