Argan (NYSE:AGX) Price Target Raised to $70.00

Argan (NYSE:AGX) had its price target increased by Lake Street Capital from $61.00 to $70.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Argan Stock Down 0.5 %

Shares of NYSE:AGX opened at $59.46 on Friday. The company has a market capitalization of $787.25 million, a price-to-earnings ratio of 24.88 and a beta of 0.49. Argan has a 52 week low of $37.37 and a 52 week high of $61.79. The firm has a 50 day moving average of $48.79 and a 200 day moving average of $46.72.

Argan (NYSE:AGX) last issued its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. The company had revenue of $164.55 million during the quarter, compared to the consensus estimate of $162.05 million. Argan had a net margin of 5.64% and a return on equity of 11.37%. Argan’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.46) earnings per share.

Argan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, April 19th. Argan’s dividend payout ratio is currently 50.21%.

Hedge Funds Weigh In On Argan

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in shares of Argan by 123.2% during the first quarter. Wellington Management Group LLP now owns 214,700 shares of the construction company’s stock valued at $8,689,000 after buying an additional 118,500 shares during the last quarter. State Street Corp grew its holdings in shares of Argan by 27.9% during the first quarter. State Street Corp now owns 376,082 shares of the construction company’s stock valued at $15,265,000 after buying an additional 82,024 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Argan by 9.9% during the first quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company’s stock valued at $30,976,000 after buying an additional 69,059 shares during the last quarter. Wasatch Advisors LP grew its holdings in shares of Argan by 73.0% during the first quarter. Wasatch Advisors LP now owns 151,726 shares of the construction company’s stock valued at $6,140,000 after buying an additional 64,007 shares during the last quarter. Finally, Royce & Associates LP grew its holdings in shares of Argan by 44.5% during the first quarter. Royce & Associates LP now owns 160,327 shares of the construction company’s stock valued at $6,488,000 after buying an additional 49,350 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other 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.