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

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Wednesday, April 10th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Friday, April 19th.

Argan has raised its dividend 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 payout ratio of 30.5% indicating that its dividend is sufficiently covered by earnings.

Argan Price Performance

Shares of AGX stock opened at $60.05 on Thursday. The company’s fifty day moving average price is $49.43 and its two-hundred day moving average price is $46.92. The firm has a market capitalization of $795.06 million, a P/E ratio of 25.13 and a beta of 0.49. Argan has a 12 month low of $37.37 and a 12 month high of $62.04.

Argan (NYSE:AGX) last released its quarterly earnings results on Thursday, April 11th. The construction company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.75 by $0.14. The business had revenue of $164.55 million for the quarter, compared to analysts’ expectations of $162.05 million. Argan had a return on equity of 11.37% and a net margin of 5.64%. The company’s revenue 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.

Hedge Funds Weigh In On Argan

Several large investors have recently modified their holdings of AGX. Legal & General Group Plc raised its stake in 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 buying an additional 287 shares in the last quarter. Pinnacle Holdings LLC increased its holdings in shares of Argan by 1.3% in the 1st quarter. Pinnacle Holdings LLC now owns 25,159 shares of the construction company’s stock valued at $1,021,000 after acquiring an additional 333 shares during the last quarter. Rhumbline Advisers raised 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 valued at $1,046,000 after acquiring an additional 417 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in 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 worth $592,000 after purchasing an additional 423 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Argan by 1.6% during the second quarter. Stifel Financial Corp now owns 27,969 shares of the construction company’s stock valued at $1,102,000 after purchasing an additional 448 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

AGX has been the topic of a number of recent analyst reports. Lake Street Capital upped their target price on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, April 12th. StockNews.com raised shares of Argan from a “buy” rating to a “strong-buy” rating in a report on Monday.

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.