New York Life Investment Management LLC bought a new position in Argan, Inc. (NYSE:AGX – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,828 shares of the construction company’s stock, valued at approximately $479,000. New York Life Investment Management LLC owned approximately 0.09% of Argan at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Argan by 4.3% in the second quarter. Legal & General Group Plc now owns 6,903 shares of the construction company’s stock worth $258,000 after acquiring an additional 287 shares in the last quarter. Pinnacle Holdings LLC boosted its holdings in Argan by 1.3% in the first quarter. Pinnacle Holdings LLC now owns 25,159 shares of the construction company’s stock worth $1,021,000 after acquiring an additional 333 shares in the last quarter. Deutsche Bank AG boosted its holdings in Argan by 12.3% in the fourth quarter. Deutsche Bank AG now owns 5,960 shares of the construction company’s stock worth $220,000 after acquiring an additional 655 shares in the last quarter. Gladius Capital Management LP bought a new stake in Argan in the fourth quarter worth $38,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Argan by 310.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,559 shares of the construction company’s stock worth $63,000 after acquiring an additional 1,179 shares in the last quarter. 81.21% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Separately, StockNews.com started coverage on Argan in a report on Thursday, May 18th. They set a “buy” rating on the stock.
Argan Price Performance
Shares of NYSE:AGX opened at $40.18 on Wednesday. The company has a market cap of $538.81 million, a P/E ratio of 19.89 and a beta of 0.61. Argan, Inc. has a 1 year low of $31.26 and a 1 year high of $45.27. The stock’s fifty day moving average price is $39.70 and its 200-day moving average price is $40.01.
Argan (NYSE:AGX – Get Free Report) last announced its quarterly earnings results on Thursday, June 8th. The construction company reported $0.16 earnings per share (EPS) for the quarter. The firm had revenue of $103.68 million for the quarter. Argan had a return on equity of 10.01% and a net margin of 6.05%.
Argan Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Friday, July 21st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Thursday, July 20th. Argan’s payout ratio is currently 49.51%.
Argan Company Profile
Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.
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