Alkeon Capital Management LLC Invests $32.41 Million in Argan, Inc. $AGX

Alkeon Capital Management LLC bought a new position in shares of Argan, Inc. (NYSE:AGX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 120,000 shares of the construction company’s stock, valued at approximately $32,406,000. Alkeon Capital Management LLC owned approximately 0.87% of Argan at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AGX. Aster Capital Management DIFC Ltd purchased a new stake in shares of Argan in the third quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Argan in the third quarter worth approximately $32,000. Eastern Bank purchased a new stake in shares of Argan during the 3rd quarter valued at $55,000. Federated Hermes Inc. grew its position in Argan by 22.0% during the third quarter. Federated Hermes Inc. now owns 255 shares of the construction company’s stock valued at $69,000 after acquiring an additional 46 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Argan by 1,116.7% during the second quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company’s stock valued at $80,000 after buying an additional 335 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Argan Stock Performance

NYSE AGX opened at $458.31 on Friday. Argan, Inc. has a twelve month low of $111.16 and a twelve month high of $484.13. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 53.98 and a beta of 0.57. The firm’s 50 day moving average price is $391.86 and its two-hundred day moving average price is $330.82.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $370.00 price objective (up from $315.00) on shares of Argan in a research note on Monday, December 1st. Lake Street Capital downgraded shares of Argan from a “buy” rating to a “hold” rating and increased their price objective for the company from $260.00 to $325.00 in a research note on Friday, December 5th. Freedom Capital upgraded Argan to a “hold” rating in a research report on Tuesday, March 10th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Argan in a report on Wednesday, December 24th. Finally, Zacks Research downgraded Argan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $355.20.

Insiders Place Their Bets

In other news, Director William F. Leimkuhler sold 11,044 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $379.15, for a total value of $4,187,332.60. Following the transaction, the director owned 49,939 shares in the company, valued at $18,934,371.85. This represents a 18.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cynthia Flanders sold 19,000 shares of the company’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 transaction of $7,347,300.00. Following the completion of the transaction, the director owned 26,207 shares in the company, valued at approximately $10,134,246.90. This represents a 42.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 54,915 shares of company stock worth $19,854,754. Insiders own 6.69% of the company’s stock.

Argan Company Profile

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.