Pinnacle Holdings LLC Reduces Stock Position in Argan, Inc. (NYSE:AGX)

Pinnacle Holdings LLC lowered its stake in Argan, Inc. (NYSE:AGX) by 5.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,541 shares of the construction company’s stock after selling 1,496 shares during the quarter. Pinnacle Holdings LLC owned 0.17% of Argan worth $1,077,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Castleark Management LLC increased its holdings in shares of Argan by 13.5% in the 2nd quarter. Castleark Management LLC now owns 116,689 shares of the construction company’s stock worth $4,733,000 after buying an additional 13,870 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Argan by 26.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,339 shares of the construction company’s stock worth $622,000 after buying an additional 3,183 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Argan by 2.5% in the 2nd quarter. Northern Trust Corp now owns 180,533 shares of the construction company’s stock worth $7,323,000 after buying an additional 4,419 shares during the last quarter. Pitcairn Co. increased its holdings in shares of Argan by 7.0% in the 2nd quarter. Pitcairn Co. now owns 6,966 shares of the construction company’s stock worth $283,000 after buying an additional 454 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in shares of Argan by 12.4% in the 2nd quarter. Cetera Advisors LLC now owns 54,835 shares of the construction company’s stock worth $2,229,000 after buying an additional 6,053 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Shares of Argan stock traded up $0.13 during trading hours on Friday, reaching $43.22. The company’s stock had a trading volume of 4,238 shares, compared to its average volume of 90,020. The firm has a 50 day moving average price of $40.23 and a 200-day moving average price of $44.72. Argan, Inc. has a one year low of $35.08 and a one year high of $51.95. The stock has a market cap of $661.45 million, a P/E ratio of 132.22 and a beta of 0.59.

Argan (NYSE:AGX) last posted its earnings results on Monday, September 9th. The construction company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. Argan had a net margin of 0.50% and a return on equity of 1.36%. The firm had revenue of $63.10 million for the quarter, compared to the consensus estimate of $67.65 million. During the same period in the previous year, the firm posted $1.08 EPS. The business’s quarterly revenue was down 53.8% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 23rd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.

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Institutional Ownership by Quarter for Argan (NYSE:AGX)

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