Divisadero Street Capital Management LP Purchases New Holdings in Argan, Inc. $AGX

Divisadero Street Capital Management LP acquired a new position in Argan, Inc. (NYSE:AGX) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 125,534 shares of the construction company’s stock, valued at approximately $33,900,000. Argan accounts for 1.5% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 18th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AGX. Millennium Management LLC lifted its holdings in shares of Argan by 12.2% in the first quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock valued at $15,452,000 after purchasing an additional 12,854 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Argan by 118.3% during the first quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company’s stock valued at $697,000 after buying an additional 2,881 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Argan by 13.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 35,567 shares of the construction company’s stock valued at $4,665,000 after buying an additional 4,196 shares during the period. Intech Investment Management LLC lifted its stake in Argan by 37.3% in the 1st quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company’s stock worth $1,179,000 after acquiring an additional 2,442 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new stake in Argan in the 2nd quarter worth about $418,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Argan

In other news, Director John Ronald Jr. Jeffrey sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $360.78, for a total transaction of $1,803,900.00. Following the completion of the sale, the director owned 8,192 shares in the company, valued at approximately $2,955,509.76. This represents a 37.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Cynthia Flanders sold 19,000 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $386.70, for a total value of $7,347,300.00. Following the sale, the director owned 26,207 shares of the company’s stock, valued at approximately $10,134,246.90. This trade represents a 42.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 54,915 shares of company stock valued at $19,854,754. 6.69% of the stock is currently owned by insiders.

Argan Price Performance

Shares of 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 52-week low of $111.16 and a 52-week high of $484.13. The stock has a 50-day simple moving average of $391.86 and a 200-day simple moving average of $331.55.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AGX. CJS Securities raised Argan to a “hold” rating in a research note on Thursday, December 11th. Freedom Capital upgraded shares of Argan to a “hold” rating in a report on Tuesday, March 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $370.00 price objective (up from $315.00) on shares of Argan in a research report on Monday, December 1st. Weiss Ratings reiterated a “buy (b+)” rating on shares of Argan in a research note on Wednesday, December 24th. Finally, Lake Street Capital lowered shares of Argan from a “buy” rating to a “hold” rating and lifted their target price for the company from $260.00 to $325.00 in a research note on Friday, December 5th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $355.20.

Argan 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.