Freestone Capital Holdings LLC Has $12.51 Million Position in Argan, Inc. (AGX)
Freestone Capital Holdings LLC cut its stake in shares of Argan, Inc. (NYSE:AGX) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,572 shares of the construction company’s stock after selling 1,660 shares during the period. Argan makes up approximately 1.0% of Freestone Capital Holdings LLC’s investment portfolio, making the stock its 28th largest holding. Freestone Capital Holdings LLC owned about 1.34% of Argan worth $12,514,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in AGX. Vanguard Group Inc. grew its stake in Argan by 104.8% in the first quarter. Vanguard Group Inc. now owns 1,260,387 shares of the construction company’s stock valued at $83,374,000 after acquiring an additional 644,820 shares during the period. Renaissance Technologies LLC grew its stake in Argan by 15.0% in the first quarter. Renaissance Technologies LLC now owns 1,236,855 shares of the construction company’s stock valued at $81,818,000 after acquiring an additional 161,055 shares during the period. Acadian Asset Management LLC grew its stake in Argan by 81.0% in the second quarter. Acadian Asset Management LLC now owns 201,387 shares of the construction company’s stock valued at $12,082,000 after acquiring an additional 90,094 shares during the period. Prudential Financial Inc. grew its stake in Argan by 17.1% in the first quarter. Prudential Financial Inc. now owns 608,812 shares of the construction company’s stock valued at $40,273,000 after acquiring an additional 88,780 shares during the period. Finally, AQR Capital Management LLC grew its stake in Argan by 88.3% in the first quarter. AQR Capital Management LLC now owns 142,044 shares of the construction company’s stock valued at $9,396,000 after acquiring an additional 66,609 shares during the period. 86.65% of the stock is owned by institutional investors and hedge funds.
In other Argan news, Director Henry A. Crumpton sold 30,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $62.24, for a total transaction of $1,867,200.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at approximately $1,244,800. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Ronald Jr. Jeffrey purchased 1,000 shares of the firm’s stock in a transaction on Monday, June 26th. The shares were acquired at an average price of $60.95 per share, with a total value of $60,950.00. The disclosure for this purchase can be found here. Company insiders own 7.64% of the company’s stock.
Argan, Inc. (NYSE:AGX) traded down 0.32% on Wednesday, reaching $63.00. The company’s stock had a trading volume of 19,959 shares. Argan, Inc. has a 52-week low of $49.40 and a 52-week high of $76.70. The firm’s 50-day moving average price is $62.80 and its 200-day moving average price is $64.62. The stock has a market cap of $977.70 million, a price-to-earnings ratio of 12.64 and a beta of 0.91.
Argan (NYSE:AGX) last issued its quarterly earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.42. Argan had a return on equity of 27.78% and a net margin of 10.15%. The firm had revenue of $230.49 million during the quarter, compared to the consensus estimate of $183.10 million. The firm’s revenue was up 76.8% on a year-over-year basis. On average, equities analysts expect that Argan, Inc. will post $4.22 earnings per share for the current year.
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A number of research analysts have issued reports on AGX shares. Lake Street Capital boosted their target price on Argan from $70.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, June 8th. Sidoti started coverage on Argan in a research note on Wednesday, June 28th. They issued a “neutral” rating for the company. Finally, BidaskClub cut Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Argan presently has an average rating of “Hold” and an average target price of $75.00.
Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.
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