Argan (NYSE:AGX) Announces Earnings Results, Beats Estimates By $0.14 EPS

Argan (NYSE:AGX - Get Free Report) posted its earnings results on Thursday. The construction company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.14, Briefing.com reports. 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 quarter in the prior year, the firm earned ($0.46) EPS. The firm's quarterly revenue was up 38.5% compared to the same quarter last year.

Argan Stock Up 21.4 %

NYSE:AGX traded up $10.56 during mid-day trading on Friday, reaching $59.91. 557,542 shares of the company were exchanged, compared to its average volume of 66,991. Argan has a 12 month low of $37.37 and a 12 month high of $61.79. The company has a fifty day moving average of $48.20 and a 200 day moving average of $46.52. The stock has a market cap of $798.60 million, a PE ratio of 23.96 and a beta of 0.49.

Argan Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upped their target price on shares of Argan from $61.00 to $70.00 and gave the stock a "buy" rating in a report on Friday.

Institutional Investors Weigh In On Argan

A number of hedge funds have recently added to or reduced their stakes in AGX. Bank of New York Mellon Corp grew its holdings in Argan by 3.3% during the 1st quarter. Bank of New York Mellon Corp now owns 120,094 shares of the construction company's stock worth $4,874,000 after acquiring an additional 3,795 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in Argan during the 1st quarter worth about $109,000. Bank of Montreal Can bought a new stake in Argan during the 1st quarter worth about $340,000. MetLife Investment Management LLC grew its holdings in Argan by 45.5% during the 1st quarter. MetLife Investment Management LLC now owns 8,933 shares of the construction company's stock worth $363,000 after acquiring an additional 2,793 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in Argan by 4.1% during the 1st quarter. Panagora Asset Management Inc. now owns 41,946 shares of the construction company's stock worth $1,703,000 after acquiring an additional 1,638 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

Argan Company Profile

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.