Royce & Associates LP Trims Holdings in Argan, Inc. (NYSE:AGX)

Royce & Associates LP lowered its position in shares of Argan, Inc. (NYSE:AGX) by 62.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 49,470 shares of the construction company’s stock after selling 82,480 shares during the period. Royce & Associates LP’s holdings in Argan were worth $6,779,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AGX. Victory Capital Management Inc. boosted its holdings in Argan by 279.4% in the 3rd quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company’s stock worth $1,383,000 after buying an additional 10,041 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Argan in the third quarter worth about $866,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Argan by 72.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,224 shares of the construction company’s stock worth $11,586,000 after purchasing an additional 47,881 shares in the last quarter. Intech Investment Management LLC bought a new stake in Argan during the 3rd quarter valued at approximately $339,000. Finally, Navellier & Associates Inc. lifted its holdings in Argan by 28.6% in the 3rd quarter. Navellier & Associates Inc. now owns 7,923 shares of the construction company’s stock worth $804,000 after purchasing an additional 1,761 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Richard H. Deily sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $150.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now directly owns 9,367 shares in the company, valued at approximately $1,405,050. This represents a 17.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter W. Getsinger sold 7,385 shares of the 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 transaction, the director now directly owns 11,792 shares of the company’s stock, valued at approximately $1,949,099.68. The trade was a 38.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,185 shares of company stock worth $1,644,859. 11.85% of the stock is currently owned by insiders.

Argan Trading Down 3.0 %

Shares of Argan stock opened at $117.43 on Wednesday. Argan, Inc. has a 12 month low of $48.85 and a 12 month high of $191.46. The stock has a 50 day moving average of $142.66 and a 200 day moving average of $132.71. The firm has a market cap of $1.59 billion, a PE ratio of 24.57 and a beta of 0.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AGX shares. Lake Street Capital lowered shares of Argan from a “buy” rating to a “hold” rating and increased their price objective for the company from $85.00 to $150.00 in a report on Tuesday, December 3rd. CJS Securities reiterated a “market perform” rating and issued a $150.00 price target on shares of Argan in a report on Friday, December 6th.

Argan Company 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.