Argan (NYSE:AGX) Posts Quarterly Earnings Results, Beats Estimates By $0.51 EPS

Argan (NYSE:AGX - Get Free Report) announced its earnings results on Wednesday. The construction company reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.51, Zacks reports. The business had revenue of $193.66 million during the quarter, compared to the consensus estimate of $193.75 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. The firm's revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.58 earnings per share.

Argan Trading Up 7.9%

Shares of Argan stock traded up $17.11 during trading hours on Thursday, hitting $234.91. 495,993 shares of the company were exchanged, compared to its average volume of 328,902. Argan has a 1 year low of $63.53 and a 1 year high of $243.42. The business has a 50-day moving average of $164.44 and a 200-day moving average of $150.29. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 49.14 and a beta of 0.42.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 22nd were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend was Tuesday, April 22nd. Argan's dividend payout ratio is currently 24.55%.

Insider Transactions at Argan

In other Argan news, Director Peter W. Getsinger sold 2,292 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $150.35, for a total value of $344,602.20. Following the sale, the director now owns 9,500 shares of the company's stock, valued at approximately $1,428,325. This represents a 19.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard H. Deily sold 1,565 shares of the stock in a transaction 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 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 position. The disclosure for this sale can be found here. Insiders sold 8,857 shares of company stock worth $1,308,133 over the last 90 days. 6.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Argan

Large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its position in Argan by 118.3% during the 1st 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 lifted its position in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 acquiring an additional 4,196 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Argan by 12.2% during the 1st quarter. Millennium Management LLC now owns 117,805 shares of the construction company's stock worth $15,452,000 after acquiring an additional 12,854 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AGX has been the subject of a number of recent research reports. Kepler Capital Markets downgraded shares of Argan from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 28th. Lake Street Capital increased their target price on Argan from $150.00 to $236.00 and gave the company a "buy" rating in a research report on Thursday.

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.