Loads of Insider Selling at Red Hat Inc. (RHT) and Argan Inc. (AGX), Plus 3 Other Notable Insider Moves

Chairman of Provider of Corporate Card Payment Solutions Sells Shares

One important member of WEX Inc. (NYSE:WEX)’s Board of Directors sold some shares this past week. Michael E. Dubyak, Chairman of the company’s Board, discarded 5,500 shares on Friday at prices varying from $107.45 to $107.80 per share. After the recent transaction, Mr. Dubyak currently holds an ownership stake of 80,916 shares.

The shares of the provider of corporate card payment solutions are up by 20% year-to-date. WEX Inc. (NYSE:WEX)’s total revenue for the second quarter rose by 9.5% year-over-year to $233.9 million even though fuel prices and foreign currency headwinds put some weight on its top-line figure. The company anticipates third-quarter revenue to be in the range of $272 million-to-$282 million. There were 11 hedge funds followed by Insider Monkey with equity stakes in WEX at the end of the June quarter, which held 4% of the company’s outstanding shares in aggregate. Steve Cohen’s Point72 Asset Management owned approximately 245,000 shares of WEX Inc. (NYSE:WEX) at the end of June.

Massive Cluster of Insider Selling at Argan

An eye-catching cluster of insider selling has emerged at Argan Inc. (NYSE:AGX) in the past two or so weeks. Board member James W. Quinn sold 10,000 shares on the open market on Monday at a price of $58.86 per share, a sale that lowered his ownership stake to 69,570 shares. William F. Leimkuhler, another member of the company’s Board of Directors, jettisoned 5,000 shares on Friday at $59.12 apiece, trimming his overall holding to 25,000 shares. Board member Henry A. Crumpton liquidated half of his 40,000-share stake last Monday at a price of $57.39 per share.

The provider of engineering, construction and technical services to the power generation and renewable energy markets has seen the value of its shares skyrocket by 81% since the start of the year. Argan Inc. (NYSE:AGX) recorded revenue of $162.5 million for the quarter ended July 31, an impressive increase of 66.8% year-over-year. The company’s contract backlog at the end of July was around $1.3 billion, up from $1.1 billion at the end of January. David Brown’s Hawk Ridge Management owned approximately 320,000 shares of Argan Inc. (NYSE:AGX) at the end of June.

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