Argan, Inc. (NYSE:AGX) to Issue Quarterly Dividend of $0.38

Argan, Inc. (NYSE:AGX - Get Free Report) announced a quarterly dividend on Tuesday, June 17th, RTT News reports. Shareholders 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 yield of 0.71%.

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

Argan Stock Down 2.8%

AGX stock traded down $6.12 during trading on Tuesday, hitting $212.47. The company had a trading volume of 393,604 shares, compared to its average volume of 341,184. Argan has a 1-year low of $63.53 and a 1-year high of $246.60. The firm has a 50-day moving average price of $179.58 and a 200-day moving average price of $154.19. The firm has a market cap of $2.90 billion, a PE ratio of 44.45 and a beta of 0.55.

Argan (NYSE:AGX - Get Free Report) last released its quarterly earnings results on Wednesday, June 4th. The construction company reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.51. The business had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company's revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 EPS.

Analysts Set New Price Targets

AGX has been the topic of a number of recent analyst reports. Kepler Capital Markets downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 28th. 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 note on Thursday, June 5th.

Insiders Place Their Bets

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

Institutional Trading of Argan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AGX. NewEdge Advisors LLC raised its stake in Argan by 118.3% during the first quarter. NewEdge Advisors LLC now owns 5,316 shares of the construction company's stock worth $697,000 after acquiring an additional 2,881 shares in the last quarter. Intech Investment Management LLC boosted its position in Argan by 37.3% in the first quarter. Intech Investment Management LLC now owns 8,985 shares of the construction company's stock valued at $1,179,000 after buying an additional 2,442 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Argan by 13.4% during the first 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 last quarter. Finally, Millennium Management LLC increased 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 worth $15,452,000 after buying an additional 12,854 shares in the last quarter. Institutional investors own 79.43% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.