Hennion & Walsh Asset Management Inc. Decreases Stock Position in Argan, Inc. $AGX

Hennion & Walsh Asset Management Inc. cut its stake in shares of Argan, Inc. (NYSE:AGX) by 29.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,551 shares of the construction company’s stock after selling 2,332 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Argan were worth $1,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. First Trust Advisors LP increased its stake in Argan by 14,436.3% in the 2nd quarter. First Trust Advisors LP now owns 329,393 shares of the construction company’s stock worth $72,624,000 after purchasing an additional 327,127 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Argan by 696.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 296,988 shares of the construction company’s stock valued at $65,480,000 after purchasing an additional 259,720 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Argan by 168.9% during the second quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company’s stock valued at $55,862,000 after purchasing an additional 159,149 shares during the period. Invesco Ltd. grew its holdings in shares of Argan by 172.5% in the second quarter. Invesco Ltd. now owns 229,893 shares of the construction company’s stock worth $50,687,000 after purchasing an additional 145,516 shares during the last quarter. Finally, TD Asset Management Inc bought a new position in shares of Argan in the third quarter worth approximately $35,629,000. 79.43% of the stock is currently owned by institutional investors.

Argan Stock Performance

Shares of AGX stock opened at $570.92 on Thursday. Argan, Inc. has a fifty-two week low of $111.16 and a fifty-two week high of $588.00. The firm has a market cap of $7.96 billion, a P/E ratio of 58.62 and a beta of 0.46. The business’s 50 day moving average price is $429.05 and its 200-day moving average price is $354.37.

Argan (NYSE:AGX) last announced its earnings results on Thursday, March 26th. The construction company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $1.48. Argan had a return on equity of 33.62% and a net margin of 14.59%.The company had revenue of $262.05 million during the quarter, compared to the consensus estimate of $255.32 million. During the same quarter in the prior year, the company earned $2.22 earnings per share. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis.

Insider Activity at Argan

In other Argan news, Director William F. Leimkuhler sold 11,044 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $379.15, for a total value of $4,187,332.60. Following the completion of the transaction, the director directly owned 49,939 shares in the company, valued at approximately $18,934,371.85. This represents a 18.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cynthia Flanders sold 19,000 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total transaction of $7,347,300.00. Following the completion of the sale, the director directly owned 26,207 shares of the company’s stock, valued at approximately $10,134,246.90. This represents a 42.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,715 shares of company stock valued at $19,787,260 over the last quarter. Company insiders own 6.69% of the company’s stock.

Wall Street Analyst Weigh In

AGX has been the subject of a number of recent analyst reports. CJS Securities upgraded shares of Argan to a “hold” rating in a report on Thursday, December 11th. Lake Street Capital raised their price target on shares of Argan from $325.00 to $375.00 and gave the stock a “hold” rating in a report on Friday, March 27th. JPMorgan Chase & Co. upgraded shares of Argan from a “neutral” rating to an “overweight” rating and set a $550.00 price objective on the stock in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Argan from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Finally, Freedom Capital raised shares of Argan to a “hold” rating in a research note on Tuesday, March 10th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Argan has a consensus rating of “Hold” and a consensus price target of $425.40.

Argan Company Profile

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.