Argan, Inc. Declares Quarterly Dividend of $0.30 (NYSE:AGX)

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Wednesday, April 10th, Wall Street Journal reports. Shareholders of record on Monday, April 22nd will be given a dividend of 0.30 per share by the construction company on Tuesday, April 30th. This represents a $1.20 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, April 19th.

Argan has increased its dividend payment by an average of 1.6% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Argan has a dividend payout ratio of 30.5% meaning its dividend is sufficiently covered by earnings.

Argan Trading Up 3.0 %

AGX opened at $61.25 on Wednesday. The company has a market cap of $810.95 million, a P/E ratio of 25.63 and a beta of 0.49. Argan has a 12 month low of $37.37 and a 12 month high of $61.79. The business’s 50-day moving average price is $49.12 and its 200-day moving average price is $46.83.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AGX shares. Lake Street Capital raised their target price on Argan from $61.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. StockNews.com upgraded Argan from a “buy” rating to a “strong-buy” rating in a report on Monday.

Institutional Investors Weigh In On Argan

A number of large investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in 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 period. State Street Corp lifted its position in Argan by 27.9% during the 1st quarter. State Street Corp now owns 376,082 shares of the construction company’s stock valued at $15,265,000 after acquiring an additional 82,024 shares during the period. Dimensional Fund Advisors LP boosted its stake in Argan by 9.9% during the first quarter. Dimensional Fund Advisors LP now owns 763,161 shares of the construction company’s stock worth $30,976,000 after acquiring an additional 69,059 shares in the last quarter. Wasatch Advisors LP grew its holdings in Argan by 73.0% in the first quarter. Wasatch Advisors LP now owns 151,726 shares of the construction company’s stock worth $6,140,000 after purchasing an additional 64,007 shares during the period. Finally, Royce & Associates LP increased its stake 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 purchasing an additional 49,350 shares in 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.