Proficio Capital Partners LLC Makes New Investment in Argan, Inc. (NYSE:AGX)

Proficio Capital Partners LLC purchased a new position in Argan, Inc. (NYSE:AGX) in the 4th quarter, Holdings Channel reports. The firm purchased 16,582 shares of the construction company’s stock, valued at approximately $2,272,000.

A number of other hedge funds also recently bought and sold shares of AGX. Victory Capital Management Inc. increased its position in Argan by 28.5% in the fourth quarter. Victory Capital Management Inc. now owns 17,515 shares of the construction company’s stock worth $2,400,000 after buying an additional 3,880 shares in the last quarter. Private Trust Co. NA bought a new stake in Argan during the 4th quarter valued at $151,000. Bank of New York Mellon Corp raised its position in Argan by 80.3% during the 4th quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock valued at $25,549,000 after purchasing an additional 83,039 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Argan in the 4th quarter worth $443,000. Finally, Navellier & Associates Inc. raised its position in shares of Argan by 253.0% in the 4th quarter. Navellier & Associates Inc. now owns 27,970 shares of the construction company’s stock worth $3,833,000 after acquiring an additional 20,047 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Activity

In other news, Director Peter W. Getsinger sold 7,385 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total value of $1,220,666.65. Following the completion of the sale, the director now directly owns 11,792 shares in the company, valued at $1,949,099.68. This represents a 38.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard H. Deily sold 2,000 shares of the 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 owns 9,367 shares of the company’s stock, valued at $1,405,050. The trade was a 17.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,185 shares of company stock valued at $1,644,859 in the last quarter. 11.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AGX. Lake Street Capital lowered Argan from a “buy” rating to a “hold” rating and boosted their price target for the stock from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities restated a “market perform” rating and set a $150.00 target price on shares of Argan in a research note on Friday, December 6th.

Argan Stock Down 3.0 %

Shares of AGX stock opened at $117.43 on Wednesday. The stock has a market cap of $1.59 billion, a PE ratio of 24.57 and a beta of 0.58. The business has a 50-day simple moving average of $142.66 and a 200-day simple moving average of $132.71. Argan, Inc. has a 52-week low of $48.85 and a 52-week high of $191.46.

Argan Profile

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.