Martingale Asset Management L P Reduces Holdings in Argan, Inc. (NYSE:AGX)

Martingale Asset Management L P reduced its position in Argan, Inc. (NYSE:AGX) by 17.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,108 shares of the construction company’s stock after selling 3,141 shares during the quarter. Martingale Asset Management L P owned about 0.11% of Argan worth $2,070,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in shares of Argan in the fourth quarter valued at about $287,000. Abacus FCF Advisors LLC lifted its stake in Argan by 46.5% in the 4th quarter. Abacus FCF Advisors LLC now owns 42,572 shares of the construction company’s stock worth $5,834,000 after purchasing an additional 13,516 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Argan by 21.0% in the 4th quarter. Renaissance Technologies LLC now owns 672,579 shares of the construction company’s stock worth $92,170,000 after purchasing an additional 116,783 shares in the last quarter. Legal & General Group Plc grew its position in shares of Argan by 2.1% in the fourth quarter. Legal & General Group Plc now owns 15,708 shares of the construction company’s stock valued at $2,153,000 after purchasing an additional 319 shares in the last quarter. Finally, Polymer Capital Management US LLC acquired a new stake in shares of Argan in the fourth quarter valued at approximately $227,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 7,385 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $165.29, for a total transaction 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 approximately $1,949,099.68. This trade represents a 38.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.85% of the company’s stock.

Argan Price Performance

Argan stock opened at $137.68 on Friday. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 28.80 and a beta of 0.45. The firm has a 50 day simple moving average of $131.04 and a 200-day simple moving average of $137.51. Argan, Inc. has a 1-year low of $48.96 and a 1-year high of $191.46.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $1.07. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company had revenue of $232.47 million during the quarter, compared to analyst estimates of $197.50 million. Argan’s revenue was up 41.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital raised Argan from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Friday, March 28th.

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.