Insider Selling: Argan (NYSE:AGX) Director Sells $1,426,596.13 in Stock

Argan, Inc. (NYSE:AGX) Director Peter Getsinger sold 2,581 shares of the stock in a transaction dated Thursday, April 2nd. The stock was 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 approximately $5,995,462.31. The trade was a 19.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Argan Price Performance

Shares of NYSE AGX opened at $573.82 on Friday. Argan, Inc. has a 1 year low of $111.16 and a 1 year high of $588.00. The firm has a 50-day moving average of $437.11 and a 200 day moving average of $359.06. The stock has a market cap of $8.00 billion, a P/E ratio of 58.91 and a beta of 0.46.

Argan (NYSE:AGX) last announced its quarterly earnings data on Thursday, March 26th. The construction company reported $3.47 earnings per share for the quarter, topping 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 business had revenue of $262.05 million for the quarter, compared to analysts’ expectations of $255.32 million. During the same quarter in the prior year, the company earned $2.22 earnings per share. The business’s revenue was up 12.7% compared to the same quarter last year.

Hedge Funds Weigh In On Argan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC bought a new stake in shares of Argan in the 4th quarter worth $203,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Argan by 18.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,085 shares of the construction company’s stock valued at $340,000 after purchasing an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Argan during the fourth quarter valued at $44,000. Alpine Global Management LLC purchased a new stake in shares of Argan during the fourth quarter valued at $286,000. Finally, Astoria Portfolio Advisors LLC. purchased a new stake in shares of Argan during the fourth quarter valued at $208,000. 79.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AGX shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. Freedom Capital raised Argan to a “hold” rating in a research note on Tuesday, March 10th. Lake Street Capital raised their price target on Argan from $325.00 to $375.00 and gave the company a “hold” rating in a report on Friday, March 27th. CJS Securities raised Argan to a “hold” rating in a research report on Thursday, December 11th. Finally, JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price target on the stock in a research note 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 given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $425.40.

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.