[Form 4] Argan, Inc Insider Trading Activity

Rhea-AI Filing Summary

Argan, Inc. (AGX) Form 4 filing: Director William F. Leimkuhler disclosed two open-market sales of the company’s common stock.

• On 27-Jun-2025, he sold 4,051 shares at an average price of $221.25.
• On 30-Jun-2025, he sold 7,604 shares at an average price of $222.03.

The combined sale of 11,655 shares generated proceeds of roughly $2.6 million (based on the reported average prices). After the transactions, Leimkuhler’s direct ownership declined from 58,240 to 50,636 shares, a reduction of about 13%. No derivative securities activity was reported.

The filing signals insider selling by a non-executive director; investors often view such activity as a potential indicator of reduced near-term confidence, though it may also reflect personal portfolio decisions rather than a view on fundamentals.

Positive

• None.

Negative

• Director William F. Leimkuhler sold 11,655 shares (~13% of his direct holdings) for ~$2.6 million, which can be perceived as a bearish insider signal

Insights

Securities Analyst

TL;DR: Director sold 11.6k AGX shares (~$2.6 M), cutting stake 13%; modest negative sentiment signal.

The Form 4 shows two market sales by Director Leimkuhler at prices just above $221–$222. The disposal represents a meaningful but not massive slice of his holdings, leaving him with 50.6k shares. Insider sales, especially by non-executive directors, typically create a modest overhang because they can be interpreted as a lack of incremental conviction at current valuation. With no accompanying derivative exercise or tax-related note, the transactions appear discretionary. While one director’s selling seldom alters fundamentals, it may weigh on near-term sentiment given the >$200 share price and the aggregate ~$2.6 M cashout.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure; governance compliance intact, impact limited.

The filing is timely and complete, indicating good governance practices. The sales were reported within the two-day window, and no 10b5-1 plan box was checked, suggesting the trades were not pre-scheduled. From a governance standpoint, the key takeaway is transparency rather than motive. No red flags such as concentrated disposals by multiple insiders or sales leading to minimal residual ownership are present; the director retains over 50 k shares, keeping economic alignment with shareholders. Overall governance impact is neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Leimkuhler William F.

(Last) (First) (Middle)

43 SALEM STRAITS ROAD

(Street)

DARIEN CT 06820

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARGAN INC [ AGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/27/2025		S		4,051(1)	D	$221.25	58,240	D
Common Stock	06/30/2025		S		7,604(2)	D	$222.03	50,636	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On June 27, 2025, the Reporting Person sold 4,051 shares of the Issuer's common stock on the open market at an average price of $221.25 per share.

2. On June 30, 2025, the Reporting Person sold 7,604 shares of the Issuer's common stock on the open market at an average price of $222.03 per share.

	/s/ William F. Leimkuhler	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many AGX shares did Director William F. Leimkuhler sell?

He sold 11,655 shares in total—4,051 shares on 27-Jun-2025 and 7,604 shares on 30-Jun-2025.

What was the average sale price of the AGX shares?

The shares were sold at an average of $221.25 and $222.03 on the respective dates.

How many AGX shares does the director own after the transactions?

Following the sales, Leimkuhler directly owns 50,636 shares of Argan, Inc.

Were any derivative securities involved in this Form 4 filing for AGX?

No. No derivative securities were acquired or disposed of according to Table II.

Does the filing indicate use of a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox was not marked, indicating the trades were likely discretionary.