Metropolitan Life Insurance Co. NY Has $587,000 Position in Argan, Inc. (AGX)

Metropolitan Life Insurance Co. NY held its position in shares of Argan, Inc. (NYSE:AGX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,868 shares of the construction company’s stock at the end of the first quarter. Metropolitan Life Insurance Co. NY owned about 0.06% of Argan worth $587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Morgan Stanley raised its position in shares of Argan by 5.2% in the first quarter. Morgan Stanley now owns 191,154 shares of the construction company’s stock worth $12,644,000 after buying an additional 9,464 shares in the last quarter. Bank of Montreal Can raised its position in shares of Argan by 27.1% in the first quarter. Bank of Montreal Can now owns 6,950 shares of the construction company’s stock worth $460,000 after buying an additional 1,482 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Argan during the first quarter worth $210,000. Parametric Portfolio Associates LLC raised its position in shares of Argan by 14.9% in the first quarter. Parametric Portfolio Associates LLC now owns 14,605 shares of the construction company’s stock worth $966,000 after buying an additional 1,896 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Argan during the fourth quarter worth $275,000. 83.52% of the stock is currently owned by institutional investors.

Shares of Argan, Inc. (NYSE:AGX) traded down 0.58% on Friday, hitting $60.20. The company had a trading volume of 83,783 shares. Argan, Inc. has a 12-month low of $47.18 and a 12-month high of $76.70. The company has a market cap of $934.24 million, a price-to-earnings ratio of 12.08 and a beta of 0.91. The company has a 50 day moving average of $62.87 and a 200-day moving average of $65.62.

Argan (NYSE:AGX) last issued its earnings results on Wednesday, June 7th. The construction company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.42. The company had revenue of $230.49 million during the quarter, compared to analyst estimates of $183.10 million. Argan had a net margin of 10.15% and a return on equity of 27.78%. The company’s revenue for the quarter was up 76.8% compared to the same quarter last year. On average, analysts forecast that Argan, Inc. will post $4.23 earnings per share for the current year.

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A number of research analysts have weighed in on AGX shares. Lake Street Capital increased their price target on Argan from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, June 8th. BidaskClub raised Argan from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Sidoti started coverage on Argan in a research note on Wednesday, June 28th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Argan presently has an average rating of “Hold” and an average target price of $75.00.

In related news, Director John Ronald Jr. Jeffrey bought 1,000 shares of the firm’s stock in a transaction on Monday, June 26th. The stock was bought at an average price of $60.95 per share, with a total value of $60,950.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Henry A. Crumpton sold 30,000 shares of Argan stock in a transaction on Monday, June 12th. The shares were sold at an average price of $62.24, for a total transaction of $1,867,200.00. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,244,800. The disclosure for this sale can be found here. Company insiders own 9.50% of the company’s stock.

Argan Company Profile

Argan, Inc is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company’s power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets.

Institutional Ownership by Quarter for Argan (NYSE:AGX)

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