Argan, Inc. (NYSE:AGX) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its holdings in Argan, Inc. (NYSE:AGX) by 5.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,282 shares of the construction company’s stock after selling 344 shares during the quarter. Corebridge Financial Inc.’s holdings in Argan were worth $861,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Argan by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 843,583 shares of the construction company’s stock worth $115,605,000 after buying an additional 16,784 shares during the last quarter. LPL Financial LLC raised its stake in Argan by 138.2% during the fourth quarter. LPL Financial LLC now owns 26,142 shares of the construction company’s stock worth $3,582,000 after acquiring an additional 15,167 shares during the period. KLP Kapitalforvaltning AS bought a new position in Argan in the fourth quarter worth about $1,220,000. Hillsdale Investment Management Inc. grew its holdings in shares of Argan by 0.6% during the fourth quarter. Hillsdale Investment Management Inc. now owns 26,763 shares of the construction company’s stock valued at $3,668,000 after purchasing an additional 150 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Argan by 18.1% during the fourth quarter. American Century Companies Inc. now owns 480,658 shares of the construction company’s stock valued at $65,869,000 after purchasing an additional 73,654 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Argan Trading Down 6.3 %

Shares of NYSE:AGX opened at $120.60 on Friday. The firm’s 50 day moving average is $131.32 and its two-hundred day moving average is $136.19. The firm has a market capitalization of $1.64 billion, a P/E ratio of 25.23 and a beta of 0.58. Argan, Inc. has a 52 week low of $48.85 and a 52 week high of $191.46.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.07. The company had revenue of $232.47 million during the quarter, compared to analyst estimates of $197.50 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year.

Insider Activity at Argan

In other Argan news, CFO Richard H. Deily sold 2,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 9,367 shares of the company’s stock, valued at approximately $1,405,050. This trade represents a 17.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the completion of the sale, the director now directly owns 11,792 shares of the company’s stock, valued at $1,949,099.68. The trade was a 38.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,185 shares of company stock worth $1,644,859 in the last 90 days. Corporate insiders own 11.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Friday, March 28th.

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.