Great Lakes Advisors LLC Grows Stake in Argan, Inc. (NYSE:AGX)

Great Lakes Advisors LLC boosted its stake in shares of Argan, Inc. (NYSE:AGX - Free Report) by 43.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,444 shares of the construction company's stock after acquiring an additional 5,604 shares during the quarter. Great Lakes Advisors LLC owned about 0.14% of Argan worth $2,528,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Spire Wealth Management purchased a new position in shares of Argan during the 4th quarter worth approximately $26,000. Farther Finance Advisors LLC purchased a new position in shares of Argan during the 4th quarter worth approximately $32,000. Global Retirement Partners LLC purchased a new position in shares of Argan during the 4th quarter worth approximately $35,000. Truvestments Capital LLC purchased a new position in shares of Argan during the 4th quarter worth approximately $57,000. Finally, KBC Group NV purchased a new position in shares of Argan during the 4th quarter worth approximately $93,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Argan Stock Up 3.9 %

NYSE AGX traded up $4.60 during mid-day trading on Wednesday, hitting $122.09. The stock had a trading volume of 245,392 shares, compared to its average volume of 257,567. Argan, Inc. has a 52-week low of $48.85 and a 52-week high of $191.46. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 25.54 and a beta of 0.58. The company has a 50 day simple moving average of $142.66 and a 200 day simple moving average of $132.71.

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Insider Activity at Argan

In other news, Director Peter W. Getsinger sold 800 shares of the firm's 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 sale, the director now owns 19,177 shares in the company, valued at $2,977,037.48. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard H. Deily sold 2,000 shares of Argan stock in a transaction 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 10,185 shares of company stock valued at $1,644,859 in the last ninety days. Corporate insiders own 11.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Lake Street Capital downgraded 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 note on Tuesday, December 3rd. CJS Securities reissued a "market perform" rating and set a $150.00 target price 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.