Argan (NYSE:AGX) Announces Earnings Results

Argan (NYSE:AGX) announced its quarterly earnings results on Thursday. The construction company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.75 by $0.14, Briefing.com reports. The business had revenue of $164.55 million for the quarter, compared to analysts’ expectations of $162.05 million. Argan had a net margin of 5.64% and a return on equity of 11.45%. The business’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.46) EPS.

Argan Stock Up 21.4 %

AGX opened at $59.91 on Friday. The business 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 P/E ratio of 25.07 and a beta of 0.49. Argan has a 52-week low of $37.37 and a 52-week high of $61.79.

Argan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be given a $0.30 dividend. The ex-dividend date is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a yield of 2.00%. Argan’s dividend payout ratio is presently 50.21%.

Wall Street Analyst Weigh In

Separately, Lake Street Capital boosted 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 Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc raised its stake in shares of Argan by 4.3% during the second quarter. Legal & General Group Plc now owns 6,903 shares of the construction company’s stock valued at $258,000 after acquiring an additional 287 shares in the last quarter. Pinnacle Holdings LLC grew its position in shares of Argan by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 25,159 shares of the construction company’s stock worth $1,021,000 after buying an additional 333 shares in the last quarter. Rhumbline Advisers grew its position in shares of Argan by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 22,978 shares of the construction company’s stock worth $1,046,000 after buying an additional 417 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Argan by 3.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 12,648 shares of the construction company’s stock valued at $592,000 after buying an additional 423 shares during the period. Finally, Stifel Financial Corp raised its holdings in shares of Argan by 1.6% in the second quarter. Stifel Financial Corp now owns 27,969 shares of the construction company’s stock valued at $1,102,000 after acquiring an additional 448 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

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.