PNC Financial Services Group Inc. Sells 731 Shares of Argan, Inc. (NYSE:AGX)

PNC Financial Services Group Inc. trimmed its holdings in Argan, Inc. (NYSE:AGX) by 26.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,995 shares of the construction company’s stock after selling 731 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Argan were worth $273,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Victory Capital Management Inc. increased its position in Argan by 279.4% in the third quarter. Victory Capital Management Inc. now owns 13,635 shares of the construction company’s stock worth $1,383,000 after purchasing an additional 10,041 shares during the period. Intech Investment Management LLC acquired a new stake in Argan in the third quarter worth about $339,000. D.A. Davidson & CO. acquired a new stake in Argan in the third quarter worth about $2,446,000. FMR LLC increased its position in Argan by 68.2% in the third quarter. FMR LLC now owns 1,033 shares of the construction company’s stock worth $105,000 after purchasing an additional 419 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Argan by 21.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,009 shares of the construction company’s stock worth $305,000 after purchasing an additional 532 shares during the period. 79.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Argan Trading Up 0.2 %

Argan stock opened at $120.79 on Friday. The firm has a market capitalization of $1.64 billion, a P/E ratio of 25.27 and a beta of 0.58. Argan, Inc. has a 1 year low of $48.85 and a 1 year high of $191.46. The business has a 50-day moving average of $140.50 and a 200-day moving average of $133.26.

Insider Transactions at Argan

In related news, CFO Richard H. Deily sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $150.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 9,367 shares in the company, valued at approximately $1,405,050. The trade was a 17.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter W. Getsinger sold 7,385 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The shares were 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. This represents a 38.51 % decrease in their ownership of the stock. 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 company insiders.

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.