SteelPeak Wealth LLC Sells 1,821 Shares of Argan, Inc. $AGX

SteelPeak Wealth LLC lowered its stake in Argan, Inc. (NYSE:AGX) by 19.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,615 shares of the construction company’s stock after selling 1,821 shares during the quarter. SteelPeak Wealth LLC owned 0.05% of Argan worth $2,386,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. First Trust Advisors LP boosted its stake in Argan by 14,436.3% during the second quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock worth $72,624,000 after acquiring an additional 327,127 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Argan by 168.9% during the second quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock valued at $55,862,000 after purchasing an additional 159,149 shares during the period. Invesco Ltd. raised its holdings in shares of Argan by 172.5% during the second quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock valued at $50,687,000 after purchasing an additional 145,516 shares during the period. TD Asset Management Inc bought a new position in shares of Argan during the 3rd quarter worth about $35,629,000. Finally, Epoch Investment Partners Inc. bought a new position in shares of Argan during the 3rd quarter worth about $34,647,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Cynthia Flanders sold 19,000 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total transaction of $7,347,300.00. Following the sale, the director owned 26,207 shares of the company’s stock, valued at approximately $10,134,246.90. This represents a 42.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter W. Getsinger sold 2,581 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $552.73, for a total transaction of $1,426,596.13. Following the completion of the transaction, the director owned 10,847 shares of the company’s stock, valued at $5,995,462.31. This trade represents a 19.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 61,852 shares of company stock worth $23,673,413. Insiders own 6.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AGX has been the subject of a number of research analyst reports. Lake Street Capital boosted their target price on Argan from $325.00 to $375.00 and gave the company a “hold” rating in a research report on Friday, March 27th. CJS Securities upgraded Argan to a “hold” rating in a report on Thursday, December 11th. Zacks Research raised Argan from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. upgraded Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price objective for the company in a report on Friday, March 27th. Finally, The Goldman Sachs Group increased their target price on Argan from $399.00 to $518.00 and gave the stock a “buy” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Argan currently has an average rating of “Moderate Buy” and a consensus target price of $425.40.

Argan Stock Down 0.2%

AGX stock opened at $573.82 on Friday. The firm has a market cap of $8.00 billion, a PE ratio of 58.91 and a beta of 0.46. The business has a 50 day moving average of $437.11 and a 200-day moving average of $359.06. Argan, Inc. has a 12-month low of $111.16 and a 12-month high of $588.00.

Argan (NYSE:AGX) last released its earnings results on Thursday, March 26th. The construction company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $1.48. Argan had a net margin of 14.59% and a return on equity of 33.62%. The firm had revenue of $262.05 million for the quarter, compared to analysts’ expectations of $255.32 million. During the same period in the previous year, the company earned $2.22 earnings per share. The company’s quarterly revenue was up 12.7% on a year-over-year basis.

Argan 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.