Argan, Inc. (NYSE:AGX) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its stake in Argan, Inc. (NYSE:AGX) by 30.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 629,167 shares of the construction company’s stock after selling 281,889 shares during the quarter. Wellington Management Group LLP’s holdings in Argan were worth $86,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC increased its holdings in Argan by 68.2% in the third quarter. FMR LLC now owns 1,033 shares of the construction company’s stock valued at $105,000 after buying an additional 419 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Argan by 21.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,009 shares of the construction company’s stock valued at $305,000 after purchasing an additional 532 shares in the last quarter. Centiva Capital LP raised its holdings in Argan by 9.3% during the third quarter. Centiva Capital LP now owns 6,872 shares of the construction company’s stock worth $697,000 after purchasing an additional 583 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Argan during the third quarter worth $471,000. Finally, State Street Corp grew its holdings in Argan by 4.8% in 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 during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analysts Set New Price Targets

AGX has been the subject of several research reports. Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Friday, March 28th. CJS Securities reaffirmed a “market perform” rating and issued a $150.00 price target on shares of Argan in a report on Friday, December 6th.

Insider Activity at Argan

In related news, Director Peter W. Getsinger sold 7,385 shares of the company’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 directly owns 11,792 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Also, CFO Richard H. Deily sold 2,000 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 9,367 shares in the company, valued at approximately $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. Over the last 90 days, insiders have sold 10,185 shares of company stock valued at $1,644,859. Company insiders own 11.85% of the company’s stock.

Argan Stock Down 6.3 %

NYSE AGX opened at $120.60 on Friday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 25.23 and a beta of 0.58. Argan, Inc. has a fifty-two week low of $48.85 and a fifty-two week high of $191.46. The business has a fifty day moving average of $131.32 and a 200-day moving average of $135.86.

Argan (NYSE:AGX) last released its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $1.07. The company had revenue of $232.47 million for the quarter, compared to analyst estimates 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.

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.