Argan, Inc. (AGX) Shares Sold by Legal & General Group Plc
Legal & General Group Plc reduced its position in shares of Argan, Inc. (NYSE:AGX) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,216 shares of the construction company’s stock after selling 63 shares during the period. Legal & General Group Plc’s holdings in Argan were worth $212,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AGX. Creative Planning boosted its position in shares of Argan by 2,480.0% in the first quarter. Creative Planning now owns 2,580 shares of the construction company’s stock worth $171,000 after buying an additional 2,480 shares in the last quarter. Private Advisor Group LLC purchased a new position in shares of Argan during the first quarter worth $210,000. Mckinley Capital Management LLC Delaware boosted its position in shares of Argan by 30.9% in the first quarter. Mckinley Capital Management LLC Delaware now owns 3,174 shares of the construction company’s stock worth $210,000 after buying an additional 749 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of Argan during the first quarter worth $245,000. Finally, Trexquant Investment LP purchased a new position in shares of Argan during the first quarter worth $269,000. Institutional investors and hedge funds own 86.08% of the company’s stock.
Shares of Argan, Inc. (NYSE:AGX) traded down 0.82% on Friday, hitting $60.45. The stock had a trading volume of 91,377 shares. The company’s 50-day moving average price is $62.92 and its 200 day moving average price is $66.10. Argan, Inc. has a 12-month low of $45.51 and a 12-month high of $76.70. The firm has a market cap of $938.12 million, a P/E ratio of 12.13 and a beta of 0.91.
Argan (NYSE:AGX) last announced its earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.42. The company had revenue of $230.49 million for the quarter, compared to analyst estimates of $183.10 million. Argan had a return on equity of 27.78% and a net margin of 10.15%. Argan’s revenue for the quarter was up 76.8% compared to the same quarter last year. On average, equities research analysts forecast that Argan, Inc. will post $4.23 earnings per share for the current fiscal year.
AGX has been the subject of a number of research analyst reports. Lake Street Capital raised their price target on Argan from $70.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, June 8th. Sidoti initiated coverage on Argan in a research report on Wednesday, June 28th. They issued a “neutral” rating for the company. Finally, BidaskClub upgraded Argan from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Argan presently has a consensus rating of “Hold” and a consensus price target of $75.00.
In other Argan news, Director John Ronald Jr. Jeffrey purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The shares were purchased at an average cost of $60.95 per share, with a total value of $60,950.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry A. Crumpton sold 30,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $62.24, for a total value of $1,867,200.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at $1,244,800. The disclosure for this sale can be found here. 9.50% of the stock is currently owned by insiders.
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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