Argan, Inc. $AGX Shares Acquired by California State Teachers Retirement System

California State Teachers Retirement System lifted its holdings in Argan, Inc. (NYSE:AGX) by 77,552.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,498,905 shares of the construction company’s stock after buying an additional 12,482,809 shares during the quarter. California State Teachers Retirement System owned 0.89% of Argan worth $9,981,001,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. International Assets Investment Management LLC lifted its holdings in Argan by 2.0% in the first quarter. International Assets Investment Management LLC now owns 775 shares of the construction company’s stock valued at $443,000 after acquiring an additional 15 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Argan by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 541 shares of the construction company’s stock valued at $170,000 after purchasing an additional 30 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its stake in shares of Argan by 0.6% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,030 shares of the construction company’s stock valued at $2,734,000 after purchasing an additional 30 shares during the period. National Bank of Canada FI boosted its holdings in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after buying an additional 31 shares in the last quarter. Finally, Western Wealth Management LLC acquired a new position in Argan during the first quarter worth about $25,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AGX. Freedom Broker upgraded shares of Argan from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. Wall Street Zen raised Argan from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings upgraded Argan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 27th. Piper Sandler initiated coverage on Argan in a report on Tuesday. They issued an “underweight” rating and a $273.00 target price on the stock. Finally, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $600.00 price target for the company in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $437.50.

Argan Trading Up 4.8%

Argan stock opened at $437.99 on Wednesday. The stock has a 50-day moving average price of $558.24 and a 200 day moving average price of $584.91. Argan, Inc. has a 52 week low of $202.25 and a 52 week high of $805.75. The stock has a market cap of $6.15 billion, a PE ratio of 34.65, a P/E/G ratio of 3.11 and a beta of 0.57.

Argan (NYSE:AGX) last released its earnings results on Wednesday, September 2nd. The construction company reported $3.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $1.12. The company had revenue of $383.98 million for the quarter, compared to analyst estimates of $300.53 million. Argan had a net margin of 15.09% and a return on equity of 38.51%. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.50 EPS. On average, equities analysts predict that Argan, Inc. will post 13.44 EPS for the current year.

Insider Buying and Selling at Argan

In other Argan news, Director Peter W. Getsinger sold 4,728 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $708.65, for a total value of $3,350,497.20. Following the completion of the transaction, the director directly owned 6,880 shares in the company, valued at approximately $4,875,512. The trade was a 40.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Watson sold 9,993 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $651.22, for a total value of $6,507,641.46. Following the completion of the transaction, the chief executive officer owned 40,005 shares of the company’s stock, valued at $26,052,056.10. This trade represents a 19.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 127,973 shares of company stock valued at $87,554,828. 2.99% of the stock is owned by corporate insiders.

About Argan

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.