TD Asset Management Inc Invests $35.63 Million in Argan, Inc. $AGX

TD Asset Management Inc bought a new stake in shares of Argan, Inc. (NYSE:AGX) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 131,933 shares of the construction company’s stock, valued at approximately $35,629,000.

A number of other hedge funds have also recently bought and sold shares of AGX. Mark Sheptoff Financial Planning LLC bought a new position in shares of Argan during the 2nd quarter worth about $44,000. Eastern Bank bought a new position in Argan during the third quarter valued at about $55,000. Federated Hermes Inc. raised its holdings in Argan by 22.0% in the 3rd quarter. Federated Hermes Inc. now owns 255 shares of the construction company’s stock valued at $69,000 after acquiring an additional 46 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Argan by 1,116.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company’s stock worth $80,000 after acquiring an additional 335 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Argan by 3,200.0% during the 3rd quarter. Bessemer Group Inc. now owns 330 shares of the construction company’s stock worth $89,000 after purchasing an additional 320 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

Argan Stock Down 0.4%

NYSE:AGX opened at $450.76 on Friday. The firm has a market cap of $6.25 billion, a PE ratio of 53.09 and a beta of 0.63. Argan, Inc. has a 12 month low of $101.02 and a 12 month high of $459.75. The company’s 50-day moving average price is $366.73 and its two-hundred day moving average price is $314.37.

Argan (NYSE:AGX) last announced its earnings results on Thursday, December 4th. The construction company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.82 by $0.35. Argan had a return on equity of 31.38% and a net margin of 13.11%.The business had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million. During the same period in the previous year, the business earned $2.00 EPS. Argan’s revenue was down 2.3% compared to the same quarter last year.

Argan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Thursday, January 22nd were paid a $0.50 dividend. The ex-dividend date was Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.4%. Argan’s dividend payout ratio (DPR) is 23.56%.

Insiders Place Their Bets

In other Argan news, Director Peter W. Getsinger sold 6,595 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $313.71, for a total value of $2,068,917.45. Following the completion of the sale, the director owned 7,847 shares in the company, valued at approximately $2,461,682.37. This trade represents a 45.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James W. Quinn sold 1,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $328.04, for a total transaction of $328,040.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,915 shares of company stock valued at $20,182,794 over the last three months. Company insiders own 6.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AGX has been the subject of a number of recent research reports. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reissued a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Lake Street Capital lowered shares of Argan from a “buy” rating to a “hold” rating and increased their price target for the stock from $260.00 to $325.00 in a research report on Friday, December 5th. Glj Research raised Argan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $251.00 to $369.00 in a report on Monday, November 10th. Finally, CJS Securities raised Argan to a “hold” rating in a report on Thursday, December 11th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Argan has an average rating of “Hold” and an average target price of $355.20.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.