Perigon Wealth Management LLC Acquires Shares of 1,092 Argan, Inc. $AGX

Perigon Wealth Management LLC acquired a new stake in shares of Argan, Inc. (NYSE:AGX) in the second quarter, HoldingsChannel reports. The firm acquired 1,092 shares of the construction company’s stock, valued at approximately $872,000.

Other large investors have also recently made changes to their positions in the company. Western Wealth Management LLC bought a new stake in shares of Argan in the first quarter worth about $25,000. Danske Bank A S bought a new position in Argan during the third quarter valued at approximately $27,000. Montag A & Associates Inc. bought a new position in Argan during the fourth quarter valued at approximately $30,000. University of Texas Texas AM Investment Management Co. purchased a new position in Argan during the 4th quarter valued at approximately $30,000. Finally, Hilton Head Capital Partners LLC purchased a new position in Argan during the 4th quarter valued at approximately $31,000. 79.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Joshua Scott Baugher sold 760 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $733.30, for a total value of $557,308.00. Following the completion of the sale, the chief financial officer owned 1,479 shares in the company, valued at approximately $1,084,550.70. This trade represents a 33.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Ronald Jr. Jeffrey sold 5,716 shares of Argan stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $579.64, for a total transaction of $3,313,222.24. Following the transaction, the director directly owned 2,533 shares of the company’s stock, valued at approximately $1,468,228.12. This represents a 69.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 127,973 shares of company stock valued at $87,554,828. 2.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AGX. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Weiss Ratings lowered shares of Argan from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, Lake Street Capital boosted their price target on shares of Argan from $375.00 to $600.00 and gave the stock a “hold” rating in a research report on Friday, June 5th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $470.40.

Argan Stock Performance

NYSE AGX opened at $552.27 on Wednesday. The company has a market cap of $7.74 billion, a P/E ratio of 48.53 and a beta of 0.61. The business’s 50 day moving average price is $639.37 and its 200-day moving average price is $577.77. Argan, Inc. has a fifty-two week low of $197.00 and a fifty-two week high of $805.75.

Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, June 4th. The construction company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.93. The company had revenue of $290.95 million for the quarter, compared to analyst estimates of $256.03 million. Argan had a return on equity of 36.89% and a net margin of 15.48%.Argan’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.60 EPS. As a group, equities analysts predict that Argan, Inc. will post 12.6 EPS for the current year.

Argan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a $2.00 annualized dividend and a dividend yield of 0.4%. Argan’s dividend payout ratio is currently 17.57%.

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.