Victory Capital Management Inc. Has $2.40 Million Stake in Argan, Inc. (NYSE:AGX)

Victory Capital Management Inc. grew its holdings in shares of Argan, Inc. (NYSE:AGX) by 28.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,515 shares of the construction company’s stock after acquiring an additional 3,880 shares during the quarter. Victory Capital Management Inc.’s holdings in Argan were worth $2,400,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of AGX. Wellington Management Group LLP raised its stake in Argan by 81.8% during the third quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock worth $92,408,000 after acquiring an additional 409,948 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Argan by 80.3% during the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock worth $25,549,000 after acquiring an additional 83,039 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Argan during the third quarter worth about $6,687,000. WCM Investment Management LLC acquired a new position in Argan during the fourth quarter worth about $8,241,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Argan by 72.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,224 shares of the construction company’s stock worth $11,586,000 after acquiring an additional 47,881 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Transactions at Argan

In related news, CFO Richard H. Deily sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 9,367 shares in the company, valued at $1,405,050. This represents a 17.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter W. Getsinger sold 800 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $155.24, for a total value of $124,192.00. Following the completion of the sale, the director now owns 19,177 shares in the company, valued at $2,977,037.48. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,185 shares of company stock worth $3,105,359. Insiders own 11.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on AGX shares. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and boosted their price target for the stock from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities restated a “market perform” rating and set a $150.00 price target on shares of Argan in a report on Friday, December 6th.

Argan Trading Up 6.3 %

NYSE:AGX opened at $120.67 on Monday. The stock has a market cap of $1.64 billion, a P/E ratio of 25.24 and a beta of 0.58. The stock’s 50-day moving average is $144.01 and its 200-day moving average is $132.14. Argan, Inc. has a 1-year low of $48.85 and a 1-year high of $191.46.

Argan Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects 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 projects with approximately 18 gigawatts of power-generating capacity.