Argan (NYSE:AGX) Announces Earnings Results

Argan (NYSE:AGX) issued its earnings results on Thursday. The construction company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.65 by $0.52, FiscalAI reports. Argan had a return on equity of 32.61% and a net margin of 12.73%.The business had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million.

Argan Stock Up 1.5%

Argan stock traded up $5.16 during midday trading on Thursday, reaching $356.25. 582,125 shares of the stock traded hands, compared to its average volume of 412,324. Argan has a 12 month low of $101.02 and a 12 month high of $399.30. The stock’s fifty day moving average is $312.35 and its 200-day moving average is $253.29. The stock has a market cap of $4.92 billion, a P/E ratio of 42.82 and a beta of 0.60.

Argan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Thursday, October 23rd were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, October 23rd. This is a boost from Argan’s previous quarterly dividend of $0.38. This represents a $2.00 dividend on an annualized basis and a yield of 0.6%. Argan’s dividend payout ratio is currently 24.04%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AGX. UBS Group set a $315.00 price objective on Argan in a report on Monday, October 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Argan in a research report on Wednesday, October 8th. Lake Street Capital raised their target price on Argan from $236.00 to $260.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Glj Research raised Argan from a “hold” rating to a “buy” rating and raised their price objective for the stock from $251.00 to $369.00 in a research note on Monday, November 10th. Finally, Zacks Research cut shares of Argan from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Argan has an average rating of “Moderate Buy” and an average target price of $310.17.

Insider Buying and Selling at Argan

In other Argan news, Director William F. Leimkuhler sold 11,802 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $274.73, for a total transaction of $3,242,363.46. Following the completion of the transaction, the director owned 38,834 shares in the company, valued at $10,668,864.82. The trade was a 23.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cynthia Flanders sold 15,000 shares of the business’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $271.96, for a total value of $4,079,400.00. Following the transaction, the director owned 16,428 shares of the company’s stock, valued at approximately $4,467,758.88. The trade was a 47.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 106,795 shares of company stock worth $29,401,111. Company insiders own 6.69% of the company’s stock.

Hedge Funds Weigh In On Argan

A number of large investors have recently made changes to their positions in AGX. Danske Bank A S purchased a new stake in shares of Argan during the 3rd quarter valued at $27,000. National Bank of Canada FI increased its position in Argan by 26.7% during the 3rd quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock valued at $40,000 after buying an additional 31 shares in the last quarter. Palisade Asset Management LLC purchased a new stake in Argan in the third quarter valued at about $41,000. EverSource Wealth Advisors LLC boosted its holdings in Argan by 1,116.7% in the second quarter. EverSource Wealth Advisors LLC now owns 365 shares of the construction company’s stock worth $80,000 after acquiring an additional 335 shares in the last quarter. Finally, State of Tennessee Department of Treasury acquired a new stake in Argan in the second quarter worth about $129,000. 79.43% of the stock is owned by institutional investors and hedge funds.

About Argan

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.