125,534 Shares in Argan, Inc. $AGX Acquired by Divisadero Street Capital Management LP

Divisadero Street Capital Management LP bought a new stake in shares of Argan, Inc. (NYSE:AGX) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 125,534 shares of the construction company’s stock, valued at approximately $33,900,000. Argan makes up 1.5% of Divisadero Street Capital Management LP’s portfolio, making the stock its 18th largest position. Divisadero Street Capital Management LP owned approximately 0.91% of Argan as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Emerald Mutual Fund Advisers Trust acquired a new stake in Argan in the third quarter worth about $14,138,000. Thames Capital Management LLC bought a new stake in shares of Argan during the 3rd quarter worth about $11,175,000. Versor Investments LP acquired a new stake in shares of Argan in the 3rd quarter worth approximately $971,000. Leavell Investment Management Inc. lifted its stake in shares of Argan by 125.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 12,505 shares of the construction company’s stock worth $3,377,000 after acquiring an additional 6,955 shares during the period. Finally, TD Asset Management Inc bought a new position in shares of Argan in the third quarter valued at approximately $35,629,000. Institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on AGX. CJS Securities raised Argan to a “hold” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research report on Wednesday, December 24th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $370.00 price objective (up from $315.00) on shares of Argan in a research note on Monday, December 1st. Zacks Research lowered Argan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Lake Street Capital cut Argan from a “buy” rating to a “hold” rating and raised their target price for the company from $260.00 to $325.00 in a research note on Friday, December 5th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $355.20.

Argan Stock Performance

Argan stock opened at $458.31 on Monday. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 53.98 and a beta of 0.57. Argan, Inc. has a 1 year low of $111.16 and a 1 year high of $484.13. The firm’s 50 day moving average price is $391.86 and its two-hundred day moving average price is $331.55.

Insider Buying and Selling

In related news, Director John Ronald Jr. Jeffrey sold 5,000 shares of Argan stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total value of $1,803,900.00. Following the transaction, the director owned 8,192 shares of the company’s stock, valued at approximately $2,955,509.76. This trade represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William F. Leimkuhler sold 11,044 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $379.15, for a total value of $4,187,332.60. Following the sale, the director owned 49,939 shares in the company, valued at approximately $18,934,371.85. The trade was a 18.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 54,915 shares of company stock valued at $19,854,754. Insiders own 6.69% of the company’s stock.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.