HighTower Advisors LLC Acquires New Position in Argan, Inc. (NYSE:AGX)

HighTower Advisors LLC bought a new position in Argan, Inc. (NYSE:AGX - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,427 shares of the construction company's stock, valued at approximately $333,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AGX. Intech Investment Management LLC bought a new stake in shares of Argan during the 3rd quarter worth $339,000. FMR LLC boosted its stake in Argan by 68.2% in the third quarter. FMR LLC now owns 1,033 shares of the construction company's stock valued at $105,000 after acquiring an additional 419 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Argan by 21.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,009 shares of the construction company's stock valued at $305,000 after acquiring an additional 532 shares during the period. Centiva Capital LP increased its stake in shares of Argan by 9.3% during the 3rd quarter. Centiva Capital LP now owns 6,872 shares of the construction company's stock worth $697,000 after purchasing an additional 583 shares during the last quarter. Finally, Penn Mutual Asset Management raised its holdings in shares of Argan by 195.6% in the 3rd quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company's stock worth $1,019,000 after purchasing an additional 6,650 shares during the period. Hedge funds and other institutional investors own 79.43% of the company's stock.

Insider Activity

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 shares were sold at an average price of $150.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 9,367 shares in the company, valued at approximately $1,405,050. This represents a 17.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter W. Getsinger sold 7,385 shares of the firm'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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,185 shares of company stock worth $1,644,859 in the last three months. Corporate insiders own 11.85% of the company's stock.

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Argan Price Performance

Shares of Argan stock traded down $9.69 during trading hours on Thursday, reaching $128.33. The company had a trading volume of 401,393 shares, compared to its average volume of 280,668. Argan, Inc. has a one year low of $48.85 and a one year high of $191.46. The firm has a market cap of $1.75 billion, a PE ratio of 26.85 and a beta of 0.58. The business has a fifty day simple moving average of $133.21 and a 200 day simple moving average of $135.70.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $1.07. The firm had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm's revenue was up 41.3% on a year-over-year basis.

Analyst Ratings Changes

A number of research firms have issued reports on AGX. Lake Street Capital raised 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, March 28th. CJS Securities restated a "market perform" rating and issued a $150.00 price objective on shares of Argan in a research note on Friday, December 6th.

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.