Raymond James Financial Inc. Buys Shares of 58,390 Argan, Inc. (NYSE:AGX)

Raymond James Financial Inc. acquired a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 58,390 shares of the construction company's stock, valued at approximately $8,002,000. Raymond James Financial Inc. owned about 0.43% of Argan at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in shares of Argan by 81.8% in the 3rd quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company's stock worth $92,408,000 after buying an additional 409,948 shares during the last quarter. State Street Corp raised its stake in Argan by 4.8% during the third quarter. State Street Corp now owns 353,984 shares of the construction company's stock worth $35,905,000 after acquiring an additional 16,055 shares during the period. Geode Capital Management LLC lifted its holdings in Argan by 0.5% in the third quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company's stock worth $29,141,000 after acquiring an additional 1,553 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Argan by 80.3% in the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company's stock valued at $25,549,000 after acquiring an additional 83,039 shares during the period. Finally, Barclays PLC boosted its stake in Argan by 46.6% in the third quarter. Barclays PLC now owns 66,341 shares of the construction company's stock valued at $6,728,000 after acquiring an additional 21,094 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

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Insiders Place Their Bets

In related news, Director Peter W. Getsinger sold 800 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $155.24, for a total transaction of $124,192.00. Following the completion of the sale, the director now directly owns 19,177 shares in the company, valued at approximately $2,977,037.48. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 $1,405,050. This trade represents a 17.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,185 shares of company stock worth $1,644,859. 11.85% of the stock is currently owned by company insiders.

Argan Price Performance

Shares of NYSE:AGX traded down $7.60 on Wednesday, reaching $119.54. 333,546 shares of the company traded hands, compared to its average volume of 262,349. The stock has a market capitalization of $1.62 billion, a PE ratio of 25.01 and a beta of 0.58. The company's 50 day moving average is $139.16 and its 200-day moving average is $134.37. Argan, Inc. has a fifty-two week low of $48.85 and a fifty-two week high of $191.46.

Analyst Ratings Changes

Several equities research analysts have weighed in on AGX shares. Lake Street Capital lowered Argan from a "buy" rating to a "hold" rating and increased their target price for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities reiterated a "market perform" rating and issued a $150.00 price objective on shares of Argan in a research report on Friday, December 6th.

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.