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

Argan, Inc. (NYSE:AGX - Get Free Report) declared 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 0.74%. The ex-dividend date of this dividend is Wednesday, July 23rd.

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

Argan Stock Down 2.3%

Shares of NYSE AGX traded down $4.75 during trading on Friday, reaching $201.47. 567,899 shares of the stock were exchanged, compared to its average volume of 343,819. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 28.28 and a beta of 0.55. Argan has a twelve month low of $63.53 and a twelve month high of $246.60. The business's 50-day moving average price is $183.66 and its 200 day moving average price is $155.29.

Argan (NYSE:AGX - Get Free Report) last announced its quarterly earnings data on Wednesday, June 4th. The construction company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.51. The firm had revenue of $193.66 million for the quarter, compared to analysts' expectations of $193.75 million. Argan had a return on equity of 29.61% and a net margin of 11.00%. The firm's revenue for the quarter was up 22.8% on a year-over-year basis. During the same period last year, the business posted $0.58 earnings per share.

Analysts Set New Price Targets

Several research firms have recently issued reports on AGX. Kepler Capital Markets cut shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. Lake Street Capital lifted their price target on Argan from $150.00 to $236.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th.

Insider Buying and Selling

In other Argan news, Director Peter W. Getsinger sold 5,000 shares of the firm's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total value of $725,150.00. Following 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 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 dated Wednesday, April 30th. The stock was sold at an average price of $152.32, for a total transaction of $238,380.80. Following the transaction, the chief financial officer now owns 7,802 shares in the company, valued at approximately $1,188,400.64. The trade was a 16.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,585 shares of company stock worth $15,973,833 in the last quarter. 6.69% of the stock is currently owned by company insiders.

Institutional Trading of Argan

Several institutional investors have recently modified their holdings of AGX. Millennium Management LLC lifted its position in Argan by 12.2% in the first quarter. Millennium Management LLC now owns 117,805 shares of the construction company's stock worth $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 lifted its holdings in shares of 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 acquiring an additional 4,196 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Argan by 37.3% during the 1st 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 during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Argan by 118.3% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.

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.