Argan, Inc. (NYSE:AGX) Shares Sold by Horizon Investment Services LLC

Horizon Investment Services LLC lowered its holdings in shares of Argan, Inc. (NYSE:AGX) by 9.3% in the fourth quarter, Holdings Channel reports. The firm owned 8,258 shares of the construction company’s stock after selling 843 shares during the quarter. Horizon Investment Services LLC’s holdings in Argan were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Spire Wealth Management purchased a new stake in shares of Argan in the fourth quarter valued at about $26,000. Farther Finance Advisors LLC purchased a new stake in Argan during the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC acquired a new stake in Argan during the 4th quarter worth approximately $35,000. Truvestments Capital LLC purchased a new position in shares of Argan in the 4th quarter valued at approximately $57,000. Finally, KBC Group NV acquired a new position in shares of Argan in the fourth quarter valued at approximately $93,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Price Performance

AGX opened at $138.81 on Friday. The business has a 50 day simple moving average of $136.07 and a 200-day simple moving average of $134.44. Argan, Inc. has a 12 month low of $48.85 and a 12 month high of $191.46. The stock has a market capitalization of $1.88 billion, a P/E ratio of 29.04 and a beta of 0.58.

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

Insiders Place Their Bets

In related news, CFO Richard H. Deily sold 2,000 shares of the company’s 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 sale, the chief financial officer now owns 9,367 shares in the company, valued at $1,405,050. This represents a 17.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of Argan 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 transaction, the director now directly owns 11,792 shares of the company’s stock, valued at approximately $1,949,099.68. This represents a 38.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,185 shares of company stock worth $1,644,859. 11.85% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. CJS Securities reaffirmed a “market perform” rating and set a $150.00 price target on shares of Argan in a report on Friday, December 6th. Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Friday.

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.