HighTower Advisors LLC Makes New $333,000 Investment in Argan, Inc. (NYSE:AGX)

HighTower Advisors LLC acquired a new stake in shares of Argan, Inc. (NYSE:AGX) in the fourth quarter, Holdings Channel.com reports. The fund acquired 2,427 shares of the construction company’s stock, valued at approximately $333,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Spire Wealth Management acquired a new stake in shares of Argan during the fourth quarter worth $26,000. Global Retirement Partners LLC purchased a new position in Argan in the 4th quarter worth about $35,000. KBC Group NV purchased a new position in Argan in the 4th quarter worth about $93,000. Amundi raised its holdings in Argan by 8.6% during the 4th quarter. Amundi now owns 859 shares of the construction company’s stock worth $118,000 after buying an additional 68 shares during the period. Finally, FMR LLC lifted its stake in Argan by 68.2% during the third quarter. FMR LLC now owns 1,033 shares of the construction company’s stock valued at $105,000 after buying an additional 419 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AGX shares. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Friday, March 28th. CJS Securities reiterated a “market perform” rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th.

Argan Trading Up 2.5 %

Shares of NYSE AGX opened at $134.42 on Wednesday. Argan, Inc. has a one year low of $48.85 and a one year high of $191.46. The business has a 50-day moving average price of $134.12 and a two-hundred day moving average price of $135.69. The firm has a market capitalization of $1.83 billion, a PE ratio of 28.12 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 the consensus estimate of $1.15 by $1.07. Argan had a net margin of 8.20% and a return on equity of 21.66%. The business had revenue of $232.47 million during the quarter, compared to analysts’ expectations of $197.50 million. Argan’s quarterly revenue was up 41.3% on a year-over-year basis.

Insiders Place Their Bets

In other news, CFO Richard H. Deily sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,405,050. This trade represents a 17.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of Argan stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the completion of the transaction, the director now directly owns 11,792 shares in the company, valued at approximately $1,949,099.68. This represents a 38.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,185 shares of company stock valued at $1,644,859 over the last ninety days. Corporate insiders own 11.85% of the company’s stock.

Argan Company 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.