Argan, Inc. (AGX) to Issue Quarterly Dividend of $0.38 on July 31st

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Tuesday, June 17th, RTT News reports. Stockholders of record on Wednesday, July 23rd will be paid a dividend of 0.375 per share by the construction company on Thursday, July 31st. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date is Wednesday, July 23rd.

Argan has a dividend payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings.

Argan Price Performance

Argan stock opened at $206.21 on Thursday. The business has a 50 day moving average of $181.00 and a 200-day moving average of $154.59. The company has a market capitalization of $2.81 billion, a P/E ratio of 28.92 and a beta of 0.55. Argan has a 1 year low of $63.53 and a 1 year high of $246.60.

Argan (NYSE:AGX) last posted its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share 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 business had revenue of $193.66 million during the quarter, compared to the consensus estimate of $193.75 million. During the same period in the prior year, the business posted $0.58 earnings per share. Argan’s quarterly revenue was up 22.8% on a year-over-year basis.

Insider Transactions at Argan

In related news, Director Peter W. Getsinger sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the sale, the director now owns 11,496 shares of the company’s stock, valued at $1,667,264.88. This trade represents a 30.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Richard H. Deily sold 1,565 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $152.32, for a total value of $238,380.80. Following the completion of the transaction, the chief financial officer now directly owns 7,802 shares in the company, valued at approximately $1,188,400.64. This trade represents a 16.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,585 shares of company stock valued at $12,666,783. Corporate insiders own 6.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in shares of Argan by 12.2% during the first quarter. Millennium Management LLC now owns 117,805 shares of the construction company’s stock valued at $15,452,000 after purchasing an additional 12,854 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Argan by 13.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 35,567 shares of the construction company’s stock worth $4,665,000 after buying an additional 4,196 shares during the period. Intech Investment Management LLC boosted its holdings in Argan by 37.3% in the first quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company’s stock worth $1,179,000 after acquiring an additional 2,442 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Argan by 118.3% in the first quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company’s stock valued at $697,000 after acquiring an additional 2,881 shares during the period. 79.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on AGX. Lake Street Capital increased their target price on shares of Argan from $150.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. Kepler Capital Markets cut shares of Argan from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 28th.

Argan Company Profile

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.