Raymond James & Associates trimmed its position in shares of Argan, Inc. (NYSE:AGX – Free Report) by 15.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,745 shares of the construction company’s stock after selling 21,481 shares during the period. Raymond James & Associates owned about 0.90% of Argan worth $4,759,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of AGX. Allspring Global Investments Holdings LLC raised its stake 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 buying an additional 1,179 shares in the last quarter. Quantbot Technologies LP raised its stake in Argan by 390.9% in the second quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock worth $60,000 after buying an additional 1,290 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in Argan in the first quarter worth about $109,000. Counterpoint Mutual Funds LLC bought a new position in Argan in the second quarter worth about $121,000. Finally, Barclays PLC raised its stake in Argan by 519.2% in the fourth quarter. Barclays PLC now owns 3,517 shares of the construction company’s stock worth $130,000 after buying an additional 2,949 shares in the last quarter. 79.19% of the stock is owned by institutional investors.
Argan Price Performance
Shares of Argan stock opened at $43.64 on Wednesday. The company’s fifty day simple moving average is $44.07 and its 200-day simple moving average is $41.51. The stock has a market capitalization of $581.22 million, a PE ratio of 16.40 and a beta of 0.56. Argan, Inc. has a 1-year low of $32.86 and a 1-year high of $47.80.
Argan Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Monday, October 23rd will be paid a dividend of $0.30 per share. This is a boost from Argan’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, October 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.75%. Argan’s payout ratio is 45.11%.
Insider Activity at Argan
In other news, Director Cynthia Flanders bought 1,500 shares of the stock in a transaction that occurred on Thursday, October 12th. The shares were bought at an average price of $46.53 per share, for a total transaction of $69,795.00. Following the purchase, the director now owns 16,500 shares in the company, valued at $767,745. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.53% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Separately, StockNews.com began coverage on shares of Argan in a research note on Thursday, October 5th. They set a “strong-buy” rating for the company.
About Argan
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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