Commonwealth Equity Services LLC increased its position in shares of Argan, Inc. (NYSE:AGX) by 115.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,136 shares of the construction company’s stock after purchasing an additional 21,511 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Argan were worth $1,723,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Emancipation Management LLC increased its position in shares of Argan by 338.3% during the first quarter. Emancipation Management LLC now owns 109,104 shares of the construction company’s stock worth $4,686,000 after purchasing an additional 84,209 shares in the last quarter. Fortis Advisors LLC purchased a new stake in shares of Argan during the first quarter worth approximately $125,000. Dimensional Fund Advisors LP increased its position in shares of Argan by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 911,917 shares of the construction company’s stock worth $39,167,000 after purchasing an additional 71,916 shares in the last quarter. California Public Employees Retirement System increased its position in shares of Argan by 61.9% during the first quarter. California Public Employees Retirement System now owns 19,940 shares of the construction company’s stock worth $856,000 after purchasing an additional 7,622 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Argan by 11.4% during the first quarter. JPMorgan Chase & Co. now owns 72,449 shares of the construction company’s stock worth $3,111,000 after purchasing an additional 7,395 shares in the last quarter. Hedge funds and other institutional investors own 78.00% of the company’s stock.
Shares of NYSE:AGX opened at $35.75 on Friday. The firm has a market capitalization of $551.13 million, a price-to-earnings ratio of 9.81 and a beta of 0.90. Argan, Inc. has a 52-week low of $34.90 and a 52-week high of $69.95.
Argan (NYSE:AGX) last issued its earnings results on Monday, June 11th. The construction company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.03). The company had revenue of $141.40 million during the quarter, compared to analysts’ expectations of $122.93 million. Argan had a net margin of 7.00% and a return on equity of 16.11%. The firm’s quarterly revenue was down 38.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.31 earnings per share.
Separately, Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Wednesday, March 28th.
Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical, and consulting services to the power generation and renewable energy markets. The company's Power Industry Services segment offers engineering, procurement, and construction contracting services to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for 44 projects with approximately 15,000 megawatts of power-generating capacity.
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