Royce & Associates LP Reduces Stock Position in Argan, Inc. (NYSE:AGX)

Royce & Associates LP trimmed its position in Argan, Inc. (NYSE:AGX - Free Report) by 62.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,470 shares of the construction company's stock after selling 82,480 shares during the quarter. Royce & Associates LP owned about 0.36% of Argan worth $6,779,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AGX. JPMorgan Chase & Co. lifted its holdings in Argan by 70.8% in the third quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company's stock valued at $3,836,000 after acquiring an additional 15,681 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Argan in the third quarter valued at $1,373,000. State Street Corp lifted its stake in shares of Argan by 4.8% in the 3rd 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. Penn Mutual Asset Management grew its holdings in shares of Argan by 195.6% during 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. Finally, Victory Capital Management Inc. increased its position in shares of Argan by 28.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company's stock worth $2,400,000 after purchasing an additional 3,880 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

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Argan Stock Performance

Shares of NYSE AGX traded up $0.20 during trading on Friday, reaching $120.79. The stock had a trading volume of 360,129 shares, compared to its average volume of 259,973. The business's 50-day moving average price is $140.50 and its 200-day moving average price is $132.84. Argan, Inc. has a fifty-two week low of $48.85 and a fifty-two week high of $191.46. The company has a market cap of $1.64 billion, a P/E ratio of 25.27 and a beta of 0.58.

Insiders Place Their Bets

In other Argan news, Director Peter W. Getsinger sold 800 shares of the firm's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $155.24, for a total value of $124,192.00. Following the completion of the transaction, the director now owns 19,177 shares of the company's stock, valued at $2,977,037.48. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Richard H. Deily sold 2,000 shares of the business's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 9,367 shares of the company's stock, valued at approximately $1,405,050. This trade represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,185 shares of company stock worth $1,644,859 over the last three months. Company insiders own 11.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AGX shares. Lake Street Capital cut shares of Argan from a "buy" rating to a "hold" rating and upped their target price for the company from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities restated a "market perform" rating and issued a $150.00 price objective on shares of Argan in a 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.