PFG Advisors Purchases New Shares in Argan, Inc. (NYSE:AGX)

PFG Advisors purchased a new stake in shares of Argan, Inc. (NYSE:AGX) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,126 shares of the construction company’s stock, valued at approximately $291,000.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Argan by 70.8% during the third quarter. JPMorgan Chase & Co. now owns 37,819 shares of the construction company’s stock valued at $3,836,000 after purchasing an additional 15,681 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Argan during the third quarter valued at approximately $1,373,000. State Street Corp boosted its position in shares of Argan by 4.8% during the third quarter. State Street Corp now owns 353,984 shares of the construction company’s stock valued at $35,905,000 after purchasing an additional 16,055 shares in the last quarter. Penn Mutual Asset Management boosted its position in shares of Argan by 195.6% during the third quarter. Penn Mutual Asset Management now owns 10,050 shares of the construction company’s stock valued at $1,019,000 after purchasing an additional 6,650 shares in the last quarter. Finally, Nkcfo LLC bought a new stake in shares of Argan during the fourth quarter valued at approximately $247,000. 79.43% of the stock is currently owned by institutional investors.

Insider Transactions at Argan

In other news, Director Peter W. Getsinger sold 7,385 shares of the business’s stock in a transaction 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 transaction, the director now owns 11,792 shares in the company, valued at $1,949,099.68. The trade was 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 through this link. Also, CFO Richard H. Deily sold 2,000 shares of the business’s stock in a transaction 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. This represents a 17.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,185 shares of company stock worth $3,105,359 over the last quarter. 11.85% of the stock is currently owned by insiders.

Argan Trading Up 6.3 %

Shares of NYSE:AGX opened at $120.67 on Friday. The stock has a fifty day simple moving average of $144.01 and a two-hundred day simple moving average of $131.75. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 25.24 and a beta of 0.58. Argan, Inc. has a 12-month low of $48.85 and a 12-month high of $191.46.

Analysts Set New Price Targets

AGX has been the subject of a number of recent research reports. CJS Securities reiterated a “market perform” rating and set a $150.00 price objective on shares of Argan in a research note on Friday, December 6th. Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and lifted their price objective for the company from $85.00 to $150.00 in a research note on Tuesday, December 3rd.

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.