Citigroup Inc. Sells 7,435 Shares of Argan, Inc. (AGX)

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Citigroup Inc. cut its position in Argan, Inc. (NYSE:AGX) by 41.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,661 shares of the construction company’s stock after selling 7,435 shares during the quarter. Citigroup Inc. owned 0.07% of Argan worth $458,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of AGX. Schwab Charles Investment Management Inc. increased its position in Argan by 17.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 104,639 shares of the construction company’s stock worth $4,709,000 after purchasing an additional 15,455 shares in the last quarter. US Bancorp DE acquired a new position in Argan during the 4th quarter worth approximately $187,000. Teacher Retirement System of Texas acquired a new position in Argan during the 4th quarter worth approximately $228,000. First Trust Advisors LP increased its position in Argan by 26.7% during the 4th quarter. First Trust Advisors LP now owns 142,949 shares of the construction company’s stock worth $6,433,000 after purchasing an additional 30,084 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Argan by 45.9% during the 4th quarter. Bank of New York Mellon Corp now owns 144,128 shares of the construction company’s stock worth $6,485,000 after purchasing an additional 45,366 shares in the last quarter. Institutional investors own 78.00% of the company’s stock.

Separately, Lake Street Capital upgraded shares of Argan from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, March 28th.

AGX opened at $35.80 on Tuesday. The company has a market cap of $556.58 million, a price-to-earnings ratio of 9.90 and a beta of 0.90. Argan, Inc. has a fifty-two week low of $34.90 and a fifty-two week high of $69.95.

Argan (NYSE:AGX) last released its quarterly earnings data on Monday, June 11th. The construction company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.03). The company had revenue of $141.40 million for the quarter, compared to analyst estimates of $122.93 million. Argan had a return on equity of 16.11% and a net margin of 7.00%. The business’s quarterly revenue was down 38.7% on a year-over-year basis. During the same period last year, the firm posted $1.31 EPS.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical, and consulting services to the power generation and renewable energy markets. The company's Power Industry Services segment offers engineering, procurement, and construction contracting services 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 44 projects with approximately 15,000 megawatts of power-generating capacity.

Institutional Ownership by Quarter for Argan (NYSE:AGX)

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