KLP Kapitalforvaltning AS Makes New $1.22 Million Investment in Argan, Inc. (NYSE:AGX)

KLP Kapitalforvaltning AS bought a new stake in Argan, Inc. (NYSE:AGX) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,900 shares of the construction company’s stock, valued at approximately $1,220,000.

Several other institutional investors and hedge funds have also modified their holdings of AGX. Spire Wealth Management acquired a new stake in Argan in the 4th quarter worth about $26,000. Farther Finance Advisors LLC bought a new position in shares of Argan during the fourth quarter worth approximately $32,000. Global Retirement Partners LLC bought a new stake in shares of Argan in the fourth quarter valued at approximately $35,000. Truvestments Capital LLC acquired a new stake in Argan during the fourth quarter worth approximately $57,000. Finally, KBC Group NV acquired a new stake in Argan during the fourth quarter worth approximately $93,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Price Performance

Shares of AGX opened at $138.81 on Friday. The firm has a 50 day simple moving average of $136.07 and a two-hundred day simple moving average of $134.76. Argan, Inc. has a one year low of $48.85 and a one year high of $191.46. The company has a market cap of $1.88 billion, a P/E ratio of 29.04 and a beta of 0.58.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $1.07. The company had revenue of $232.47 million during the quarter, compared to analysts’ expectations of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

AGX has been the subject of a number of recent analyst reports. Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Friday. CJS Securities reaffirmed a “market perform” rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th.

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 7,385 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the completion of the transaction, the director now directly owns 11,792 shares in the company, valued at $1,949,099.68. This represents a 38.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Richard H. Deily sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 9,367 shares in the company, valued at $1,405,050. This represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,185 shares of company stock valued at $1,644,859. 11.85% of the stock is currently owned by insiders.

About Argan

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.