California State Teachers Retirement System boosted its stake in Argan, Inc. (NYSE:AGX - Free Report) by 77,552.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,498,905 shares of the construction company's stock after acquiring an additional 12,482,809 shares during the period. California State Teachers Retirement System owned about 89.15% of Argan worth $9,981,001,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Argan during the second quarter worth about $1,764,086,000. Maverick Capital Ltd. purchased a new position in Argan during the 4th quarter worth approximately $137,503,000. First Trust Advisors LP grew its stake in Argan by 32.1% during the 1st quarter. First Trust Advisors LP now owns 791,353 shares of the construction company's stock worth $431,010,000 after buying an additional 192,204 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Argan during the 2nd quarter worth approximately $131,878,000. Finally, Balyasny Asset Management L.P. increased its position in Argan by 168.9% during the second quarter. Balyasny Asset Management L.P. now owns 253,365 shares of the construction company's stock worth $55,862,000 after buying an additional 159,149 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.
Argan Stock Up 4.8%
Shares of AGX stock opened at $437.99 on Wednesday. The stock has a market capitalization of $6.15 billion, a PE ratio of 34.65, a price-to-earnings-growth ratio of 3.11 and a beta of 0.57. Argan, Inc. has a 52-week low of $202.25 and a 52-week high of $805.75. The stock's 50-day moving average price is $558.24 and its 200 day moving average price is $584.91.
Argan (NYSE:AGX - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The construction company reported $3.76 earnings per share for the quarter, topping analysts' consensus estimates of $2.64 by $1.12. Argan had a return on equity of 38.51% and a net margin of 15.09%.The company had revenue of $383.98 million during the quarter, compared to analysts' expectations of $300.53 million. During the same period last year, the firm earned $2.50 EPS. The firm's revenue for the quarter was up 61.5% on a year-over-year basis. Analysts expect that Argan, Inc. will post 13.44 earnings per share for the current fiscal year.
Analyst Ratings Changes
AGX has been the subject of several research analyst reports. Wall Street Zen raised Argan from a "hold" rating to a "buy" rating in a report on Saturday. Zacks Research cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Friday, August 7th. Lake Street Capital upgraded shares of Argan from a "hold" rating to a "buy" rating and set a $600.00 price target for the company in a research report on Thursday, September 3rd. Freedom Broker upgraded shares of Argan from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. Finally, Weiss Ratings upgraded shares of Argan from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $437.50.
Check Out Our Latest Stock Report on Argan
Insider Activity
In other Argan news, Chairman William F. Griffin, Jr. sold 20,000 shares of the company's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $760.43, for a total transaction of $15,208,600.00. Following the completion of the transaction, the chairman owned 40,976 shares in the company, valued at approximately $31,159,379.68. This represents a 32.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter W. Getsinger sold 2,000 shares of the firm's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $699.00, for a total transaction of $1,398,000.00. Following the completion of the sale, the director owned 4,880 shares of the company's stock, valued at $3,411,120. This trade represents a 29.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 127,973 shares of company stock valued at $87,554,828. 2.99% of the stock is currently owned by company insiders.
About Argan
(
Free Report)
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.
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