Argan, Inc. $AGX Stake Boosted by HighVista Strategies LLC

HighVista Strategies LLC raised its position in shares of Argan, Inc. (NYSE:AGX) by 24.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,100 shares of the construction company’s stock after buying an additional 1,400 shares during the quarter. HighVista Strategies LLC’s holdings in Argan were worth $1,917,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Emerald Mutual Fund Advisers Trust purchased a new stake in Argan in the 3rd quarter worth about $14,138,000. Thames Capital Management LLC purchased a new position in Argan during the 3rd quarter valued at about $11,175,000. Versor Investments LP purchased a new position in Argan during the 3rd quarter valued at about $971,000. Leavell Investment Management Inc. increased its holdings in shares of Argan by 125.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock valued at $3,377,000 after purchasing an additional 6,955 shares during the period. Finally, TD Asset Management Inc acquired a new position in shares of Argan in the 3rd quarter valued at about $35,629,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. CJS Securities upgraded shares of Argan to a “hold” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Lake Street Capital downgraded shares of Argan from a “buy” rating to a “hold” rating and increased their target price for the stock from $260.00 to $325.00 in a research report on Friday, December 5th. Zacks Research lowered shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Freedom Capital upgraded shares of Argan to a “hold” rating in a report on Tuesday, March 10th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $355.20.

Argan Stock Down 0.2%

Shares of AGX stock opened at $458.31 on Monday. The business’s 50 day moving average is $391.86 and its two-hundred day moving average is $331.55. Argan, Inc. has a 12 month low of $111.16 and a 12 month high of $484.13. The company has a market cap of $6.36 billion, a PE ratio of 53.98 and a beta of 0.57.

Insider Activity

In related news, Director John Ronald Jr. Jeffrey sold 5,000 shares of Argan stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total transaction of $1,803,900.00. Following the sale, the director directly owned 8,192 shares of the company’s stock, valued at $2,955,509.76. This trade represents a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cynthia Flanders sold 19,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $386.70, for a total value of $7,347,300.00. Following the sale, the director owned 26,207 shares in the company, valued at approximately $10,134,246.90. This represents a 42.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 54,915 shares of company stock valued at $19,854,754 over the last three months. 6.69% of the stock is currently owned by insiders.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.