Argan (NYSE:AGX) Sets New 12-Month High on Earnings Beat

Shares of Argan, Inc. (NYSE:AGX - Get Free Report) hit a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $60.45 and last traded at $59.57, with a volume of 104822 shares trading hands. The stock had previously closed at $49.35.

The construction company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.14. Argan had a net margin of 6.44% and a return on equity of 12.04%. The business had revenue of $164.55 million for the quarter, compared to analyst estimates of $162.05 million. During the same period last year, the business posted ($0.46) EPS. Argan's revenue was up 38.5% compared to the same quarter last year.

Argan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 2.00%. Argan's payout ratio is presently 48.00%.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised their target price on shares of Argan from $61.00 to $70.00 and gave the company a "buy" rating in a research note on Friday.

Institutional Trading of Argan

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jump Financial LLC acquired a new stake in Argan in the 3rd quarter worth $493,000. Campbell & CO Investment Adviser LLC acquired a new stake in Argan in the 3rd quarter worth $666,000. SG Americas Securities LLC grew its position in Argan by 18.8% in the 4th quarter. SG Americas Securities LLC now owns 6,918 shares of the construction company's stock worth $324,000 after purchasing an additional 1,093 shares during the last quarter. Azarias Capital Management L.P. grew its position in Argan by 37.6% in the 3rd quarter. Azarias Capital Management L.P. now owns 173,143 shares of the construction company's stock worth $7,881,000 after purchasing an additional 47,332 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Argan by 9.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 395,664 shares of the construction company's stock worth $18,011,000 after purchasing an additional 32,958 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Argan Stock Performance

The stock has a market cap of $798.60 million, a price-to-earnings ratio of 23.90 and a beta of 0.49. The firm's 50-day simple moving average is $48.20 and its two-hundred day simple moving average is $46.52.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, technical, and consulting services to the power generation market. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.