Argan, Inc. (NYSE:AGX) Stake Boosted by Arizona State Retirement System

Arizona State Retirement System increased its position in shares of Argan, Inc. (NYSE:AGX) by 7.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,917 shares of the construction company’s stock after buying an additional 263 shares during the quarter. Arizona State Retirement System’s holdings in Argan were worth $537,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Prime Capital Investment Advisors LLC increased its position in Argan by 1.8% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 4,796 shares of the construction company’s stock worth $486,000 after purchasing an additional 86 shares during the last quarter. Savant Capital LLC boosted its holdings in Argan by 1.3% in the fourth quarter. Savant Capital LLC now owns 10,552 shares of the construction company’s stock worth $1,446,000 after purchasing an additional 133 shares in the last quarter. Spire Wealth Management acquired a new position in Argan during the fourth quarter worth $26,000. Global Retirement Partners LLC acquired a new position in Argan during the fourth quarter worth $35,000. Finally, Rhumbline Advisers raised its holdings in Argan by 1.7% during the fourth quarter. Rhumbline Advisers now owns 19,016 shares of the construction company’s stock valued at $2,606,000 after buying an additional 309 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Price Performance

Shares of AGX opened at $120.67 on Friday. The company has a market capitalization of $1.64 billion, a PE ratio of 25.24 and a beta of 0.58. Argan, Inc. has a one year low of $48.19 and a one year high of $191.46. The company’s fifty day moving average price is $144.01 and its 200 day moving average price is $131.37.

Insider Transactions at Argan

In other Argan news, Director Peter W. Getsinger sold 800 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $155.24, for a total value of $124,192.00. Following the sale, the director now owns 19,177 shares of the company’s stock, valued at $2,977,037.48. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Richard H. Deily sold 2,000 shares of Argan stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 9,367 shares in the company, valued at approximately $1,405,050. This represents a 17.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,185 shares of company stock worth $3,105,359. Company insiders own 11.85% of the company’s stock.

Analyst Ratings Changes

AGX has been the topic of a number of analyst reports. Lake Street Capital lowered Argan from a “buy” rating to a “hold” rating and increased their price objective for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities reaffirmed a “market perform” rating and set a $150.00 target price on shares of Argan in a research report on Friday, December 6th.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.