Argan, Inc. (AGX) Stake Raised by Allianz Asset Management GmbH

Allianz Asset Management GmbH grew its position in Argan, Inc. (NYSE:AGX) by 557.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 551,806 shares of the construction company’s stock after acquiring an additional 467,871 shares during the quarter. Allianz Asset Management GmbH owned about 3.55% of Argan worth $37,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in AGX. Goldman Sachs Group Inc. raised its stake in shares of Argan by 184.6% in the second quarter. Goldman Sachs Group Inc. now owns 281,592 shares of the construction company’s stock valued at $16,895,000 after acquiring an additional 182,638 shares during the period. Vanguard Group Inc. raised its stake in shares of Argan by 12.4% in the second quarter. Vanguard Group Inc. now owns 1,417,173 shares of the construction company’s stock valued at $85,031,000 after acquiring an additional 156,786 shares during the period. AJO LP purchased a new stake in shares of Argan in the second quarter valued at $6,425,000. Renaissance Technologies LLC raised its stake in shares of Argan by 8.6% in the second quarter. Renaissance Technologies LLC now owns 1,343,400 shares of the construction company’s stock valued at $80,604,000 after acquiring an additional 106,545 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Argan in the second quarter valued at $5,574,000. 83.91% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have recently weighed in on AGX. Lake Street Capital downgraded shares of Argan from a “buy” rating to a “hold” rating and reduced their target price for the company from $71.00 to $56.00 in a research note on Thursday. BidaskClub downgraded shares of Argan from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.

In related news, Director John Ronald Jr. Jeffrey purchased 1,000 shares of Argan stock in a transaction that occurred on Friday, October 20th. The shares were bought at an average price of $68.02 per share, with a total value of $68,020.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 9.50% of the company’s stock.

Argan, Inc. (NYSE AGX) opened at $47.30 on Friday. The company has a market cap of $686.48, a PE ratio of 8.16 and a beta of 0.86. Argan, Inc. has a 12 month low of $44.00 and a 12 month high of $76.70.

Argan (NYSE:AGX) last posted its quarterly earnings results on Thursday, September 7th. The construction company reported $1.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.69. The company had revenue of $259.80 million for the quarter, compared to the consensus estimate of $217.75 million. Argan had a net margin of 9.18% and a return on equity of 26.24%. The firm’s revenue was up 59.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 EPS.

ILLEGAL ACTIVITY WARNING: “Argan, Inc. (AGX) Stake Raised by Allianz Asset Management GmbH” was first published by Week Herald and is the sole property of of Week Herald. If you are viewing this report on another site, it was stolen and reposted in violation of United States and international trademark and copyright law. The legal version of this report can be viewed at https://weekherald.com/2017/12/09/argan-inc-agx-stake-raised-by-allianz-asset-management-gmbh.html.

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)

Receive News & Ratings for Argan Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Argan Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply