Argan, Inc. $AGX Shares Bought by HighVista Strategies LLC

HighVista Strategies LLC increased its position in shares of Argan, Inc. (NYSE:AGX) by 24.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,100 shares of the construction company’s stock after purchasing an additional 1,400 shares during the quarter. HighVista Strategies LLC owned 0.05% of Argan worth $1,917,000 at the end of the most recent reporting period.

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

Argan Price Performance

Shares of NYSE:AGX opened at $458.31 on Monday. The stock’s 50 day moving average price is $391.86 and its 200 day moving average price is $331.55. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 53.98 and a beta of 0.57. Argan, Inc. has a 12 month low of $111.16 and a 12 month high of $484.13.

Analyst Upgrades and Downgrades

AGX has been the topic of a number of analyst reports. Freedom Capital raised shares of Argan to a “hold” rating in a report on Tuesday, March 10th. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $260.00 to $325.00 in a research report on Friday, December 5th. Zacks Research cut Argan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 target price (up from $315.00) on shares of Argan in a research note on Monday, December 1st. Finally, CJS Securities raised Argan to a “hold” rating in a research note on Thursday, December 11th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $355.20.

Insider Buying and Selling at Argan

In other Argan news, Director Peter W. Getsinger sold 6,595 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $313.71, for a total value of $2,068,917.45. Following the completion of the sale, the director directly owned 7,847 shares of the company’s stock, valued at approximately $2,461,682.37. This represents a 45.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cynthia Flanders sold 19,000 shares of Argan stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 26,207 shares in the company, valued at $10,134,246.90. This represents a 42.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 54,915 shares of company stock valued at $19,854,754 in the last ninety days. 6.69% of the stock is 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.