Hartree Partners LP Invests $2.36 Million in Argan, Inc. $AGX

Key Points

• Hartree Partners LP has acquired 18,000 shares of Argan, Inc. valued at approximately $2.36 million, making it the fund's 26th largest holding, which comprises 0.8% of its total portfolio.
• Insider sales have occurred, with Director John Ronald Jr. Jeffrey selling 2,621 shares for over $617,000, leading to a 22.07% decrease in his ownership, while total insider sales over the last 90 days reached 96,564 shares valued at $21 million.
• Argan's stock received mixed analyst ratings, with Kepler Capital downgrading it from "strong-buy" to "hold," while Lake Street Capital increased the price target to $236, indicating varied market sentiment about the company's performance.

Hartree Partners LP purchased a new position in shares of Argan, Inc. (NYSE:AGX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,000 shares of the construction company's stock, valued at approximately $2,361,000. Argan makes up approximately 0.8% of Hartree Partners LP's holdings, making the stock its 26th biggest holding. Hartree Partners LP owned 0.13% of Argan at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Capital Fund Management S.A. purchased a new position in Argan during the 1st quarter worth $4,369,000. Penn Mutual Asset Management raised its holdings in shares of Argan by 133.0% in the first quarter. Penn Mutual Asset Management now owns 6,292 shares of the construction company's stock valued at $825,000 after purchasing an additional 3,592 shares during the last quarter. Raymond James Financial Inc. lifted its position in shares of Argan by 20.2% during the first quarter. Raymond James Financial Inc. now owns 70,186 shares of the construction company's stock valued at $9,206,000 after purchasing an additional 11,796 shares in the last quarter. American Century Companies Inc. boosted its holdings in Argan by 7.6% during the first quarter. American Century Companies Inc. now owns 517,302 shares of the construction company's stock worth $67,855,000 after purchasing an additional 36,644 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Argan by 4.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 114,839 shares of the construction company's stock worth $15,063,000 after purchasing an additional 5,298 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Charles Edwin Iv Collins sold 5,000 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $245.00, for a total transaction of $1,225,000.00. Following the sale, the chief executive officer owned 14,506 shares of the company's stock, valued at approximately $3,553,970. This represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James W. Quinn sold 40,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $207.92, for a total value of $8,316,800.00. Following the sale, the director directly owned 16,557 shares in the company, valued at $3,442,531.44. This trade represents a 70.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,564 shares of company stock worth $21,046,366 in the last three months. Insiders own 6.69% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AGX shares. JPMorgan Chase & Co. started coverage on shares of Argan in a research report on Monday, July 21st. They issued a "neutral" rating and a $220.00 price objective for the company. Wall Street Zen cut Argan from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Lake Street Capital boosted their price objective on Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Finally, Kepler Capital Markets cut Argan from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $202.00.

Argan Price Performance

Shares of NYSE AGX traded up $2.91 during trading on Tuesday, reaching $229.79. 243,129 shares of the stock traded hands, compared to its average volume of 345,199. Argan, Inc. has a 52-week low of $69.81 and a 52-week high of $253.79. The company has a 50-day moving average of $219.41 and a 200-day moving average of $178.45. The stock has a market capitalization of $3.13 billion, a P/E ratio of 31.82 and a beta of 0.59.

Argan (NYSE:AGX - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.51. Argan had a return on equity of 29.61% and a net margin of 11.00%.The firm had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. During the same quarter in the prior year, the firm earned $0.58 EPS. The business's revenue for the quarter was up 22.8% compared to the same quarter last year.

Argan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 23rd were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Wednesday, July 23rd. Argan's payout ratio is currently 21.04%.

About Argan

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.