Victory Capital Management Inc. Purchases 3,880 Shares of Argan, Inc. (NYSE:AGX)

Victory Capital Management Inc. lifted its position in Argan, Inc. (NYSE:AGX) by 28.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,515 shares of the construction company’s stock after buying an additional 3,880 shares during the quarter. Victory Capital Management Inc. owned about 0.13% of Argan worth $2,400,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its position in Argan by 81.8% during the third quarter. Wellington Management Group LLP now owns 911,056 shares of the construction company’s stock worth $92,408,000 after purchasing an additional 409,948 shares during the period. State Street Corp boosted its position in Argan by 4.8% during the third quarter. State Street Corp now owns 353,984 shares of the construction company’s stock worth $35,905,000 after purchasing an additional 16,055 shares during the period. Geode Capital Management LLC boosted its position in Argan by 0.5% during the third quarter. Geode Capital Management LLC now owns 287,246 shares of the construction company’s stock worth $29,141,000 after purchasing an additional 1,553 shares during the period. Bank of New York Mellon Corp boosted its position in Argan by 80.3% during the fourth quarter. Bank of New York Mellon Corp now owns 186,437 shares of the construction company’s stock worth $25,549,000 after purchasing an additional 83,039 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in 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 during the period. 79.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. CJS Securities reaffirmed a “market perform” rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and lifted their target price for the stock from $85.00 to $150.00 in a report on Tuesday, December 3rd.

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 7,385 shares of the business’s stock in a transaction dated 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 owns 11,792 shares of the company’s stock, valued at $1,949,099.68. The trade was a 38.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David Hibbert Watson sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $146.05, for a total value of $1,460,500.00. Following the completion of the transaction, the chief executive officer now directly owns 51,291 shares of the company’s stock, valued at approximately $7,491,050.55. This trade represents a 16.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,185 shares of company stock valued at $3,105,359. 11.85% of the stock is currently owned by corporate insiders.

Argan Stock Performance

AGX opened at $120.67 on Monday. Argan, Inc. has a fifty-two week low of $48.85 and a fifty-two week high of $191.46. The company has a market capitalization of $1.64 billion, a P/E ratio of 25.24 and a beta of 0.58. The stock has a fifty day moving average of $144.01 and a 200-day moving average of $132.14.

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.