Argan, Inc. $AGX Stock Bought by Elite Wealth Management Inc.

Elite Wealth Management Inc. boosted its position in Argan, Inc. (NYSE:AGX) by 135.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 22,348 shares of the construction company’s stock after acquiring an additional 12,875 shares during the period. Argan makes up about 1.6% of Elite Wealth Management Inc.’s portfolio, making the stock its 15th largest position. Elite Wealth Management Inc.’s holdings in Argan were worth $8,446,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of AGX. BlackRock Inc. bought a new stake in Argan in the second quarter valued at approximately $1,764,086,000. First Trust Advisors LP lifted its position in shares of Argan by 32.1% in the first quarter. First Trust Advisors LP now owns 791,353 shares of the construction company’s stock valued at $431,010,000 after buying an additional 192,204 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Argan in the second quarter valued at approximately $131,878,000. SurgoCap Partners LP bought a new position in shares of Argan during the 2nd quarter worth approximately $119,769,000. Finally, Sculptor Capital LP bought a new position in shares of Argan during the 2nd quarter worth approximately $76,262,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Up 0.4%

Shares of NYSE:AGX opened at $278.72 on Monday. Argan, Inc. has a 12-month low of $252.88 and a 12-month high of $805.75. The stock has a market cap of $3.91 billion, a PE ratio of 22.05, a P/E/G ratio of 2.02 and a beta of 0.64. The business has a 50 day moving average of $372.54 and a 200-day moving average of $515.93.

Argan (NYSE:AGX) last posted its earnings results on Wednesday, September 2nd. The construction company reported $3.76 EPS for the quarter, beating the consensus estimate of $2.64 by $1.12. The company had revenue of $383.98 million for the quarter, compared to the consensus estimate of $300.53 million. Argan had a return on equity of 38.51% and a net margin of 15.09%. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.50 earnings per share. Equities research analysts expect that Argan, Inc. will post 13.72 earnings per share for the current year.

Argan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 22nd were paid a $0.70 dividend. This is a boost from Argan’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, October 22nd. This represents a $2.80 annualized dividend and a yield of 1.0%. Argan’s dividend payout ratio is presently 22.15%.

Analysts Set New Price Targets

A number of research firms recently weighed in on AGX. JPMorgan Chase & Co. decreased their target price on Argan from $800.00 to $785.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a report on Sunday, October 18th. Freedom Broker raised shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Weiss Ratings cut shares of Argan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Finally, Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $600.00 price objective on the stock in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $509.00.

About Argan

Argan, Inc is a construction and engineering company focused primarily on power generation and related infrastructure. Through its subsidiaries, the company provides services that include engineering, procurement, construction, commissioning, and maintenance.

Its Gemma Power Systems subsidiary develops and builds power plants, including natural gas-fired and renewable energy facilities. Atlantic Projects Company provides construction, commissioning, and maintenance services for power generation and industrial facilities, while SMC Infrastructure Solutions serves the electric utility sector with infrastructure construction services.

Argan’s projects span the United States and international markets, with its subsidiaries serving customers in areas including Europe.