Arrowstreet Capital Limited Partnership Increases Position in Argan, Inc. (NYSE:AGX)

Arrowstreet Capital Limited Partnership lifted its position in Argan, Inc. (NYSE:AGX - Free Report) by 37.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 295,349 shares of the construction company's stock after acquiring an additional 80,844 shares during the period. Arrowstreet Capital Limited Partnership owned 2.18% of Argan worth $40,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity

In other Argan news, CFO Richard H. Deily sold 2,000 shares of Argan stock in a transaction 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 owns 9,367 shares in the company, valued at $1,405,050. The trade was 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 available through the SEC website. Also, 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 value of $124,192.00. Following the transaction, the director now owns 19,177 shares of the company's stock, valued at approximately $2,977,037.48. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,185 shares of company stock valued at $1,644,859. 11.85% of the stock is currently owned by company insiders.

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Analysts Set New Price Targets

Separately, Lake Street Capital upgraded Argan from a "hold" rating to a "buy" rating and set a $150.00 target price on the stock in a report on Friday, March 28th.

Argan Stock Performance

Shares of NYSE AGX traded up $3.78 during trading on Monday, hitting $123.86. 644,147 shares of the company were exchanged, compared to its average volume of 284,643. The company has a fifty day moving average price of $131.06 and a 200-day moving average price of $136.72. The firm has a market capitalization of $1.69 billion, a PE ratio of 25.91 and a beta of 0.45. Argan, Inc. has a 12-month low of $48.85 and a 12-month high of $191.46.

Argan (NYSE:AGX - Get Free Report) last issued its 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. Argan had a net margin of 8.20% and a return on equity of 21.66%. The company had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. The firm's revenue for the quarter was up 41.3% compared to the same quarter last year.

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.