River Road Asset Management LLC Cuts Stock Holdings in Argan, Inc. (NYSE:AGX)

River Road Asset Management LLC lessened its position in Argan, Inc. (NYSE:AGX - Free Report) by 56.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 310,247 shares of the construction company's stock after selling 398,009 shares during the period. River Road Asset Management LLC owned about 2.29% of Argan worth $42,516,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Entropy Technologies LP lifted its stake in shares of Argan by 108.6% in the third quarter. Entropy Technologies LP now owns 7,104 shares of the construction company's stock worth $721,000 after buying an additional 3,699 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Argan by 70.8% in the third quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock worth $3,836,000 after buying an additional 15,681 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Argan in the third quarter worth approximately $1,373,000. State Street Corp raised its holdings in shares of Argan by 4.8% during the third quarter. State Street Corp now owns 353,984 shares of the construction company's stock valued at $35,905,000 after purchasing an additional 16,055 shares during the last quarter. Finally, Penn Mutual Asset Management raised its holdings in shares of Argan by 195.6% during the third quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company's stock valued at $1,019,000 after purchasing an additional 6,650 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms have recently weighed in on AGX. Lake Street Capital cut shares of Argan from a "buy" rating to a "hold" rating and boosted their price objective for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities reissued a "market perform" rating and set a $150.00 price objective on shares of Argan in a report on Friday, December 6th.

Insider Buying and Selling at Argan

In other Argan news, Director Peter W. Getsinger sold 7,385 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $165.29, for a total value of $1,220,666.65. Following the transaction, the director now directly owns 11,792 shares in the company, valued at approximately $1,949,099.68. This trade represents a 38.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Hibbert Watson sold 10,000 shares of the firm's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total transaction of $1,460,500.00. Following the sale, the chief executive officer now owns 51,291 shares in the company, valued at $7,491,050.55. The trade was a 16.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,185 shares of company stock valued at $3,105,359. Insiders own 11.85% of the company's stock.

Argan Stock Performance

Shares of AGX traded down $0.98 during mid-day trading on Thursday, hitting $113.86. 246,116 shares of the company traded hands, compared to its average volume of 451,602. The stock has a 50-day moving average price of $144.58 and a two-hundred day moving average price of $131.06. Argan, Inc. has a 1 year low of $47.42 and a 1 year high of $191.46. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 23.82 and a beta of 0.58.

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.