Argan (NYSE:AGX) Sets New 1-Year High at $62.19

Argan, Inc. (NYSE:AGX)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $62.19 and last traded at $61.40, with a volume of 32226 shares trading hands. The stock had previously closed at $60.69.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AGX shares. StockNews.com raised shares of Argan from a “buy” rating to a “strong-buy” rating in a research note on Monday. 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 research report on Friday, April 12th.

Argan Trading Up 1.6 %

The stock has a fifty day moving average of $49.73 and a two-hundred day moving average of $47.02. The company has a market capitalization of $816.25 million, a PE ratio of 25.52 and a beta of 0.49.

Argan (NYSE:AGX) last posted 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. Argan had a net margin of 5.64% and a return on equity of 11.37%. The firm had revenue of $164.55 million for the quarter, compared to the consensus estimate of $162.05 million. During the same period last year, the firm posted ($0.46) earnings per share. The business’s revenue was up 38.5% compared to the same quarter last year.

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, April 19th. Argan’s dividend payout ratio is presently 50.21%.

Institutional Investors Weigh In On Argan

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake 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 purchasing an additional 118,500 shares during the period. State Street Corp raised its holdings 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 buying an additional 82,024 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Argan by 9.9% during the 1st 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 boosted its position in Argan by 73.0% during the 1st 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 period. Finally, Royce & Associates LP grew its holdings in Argan by 44.5% in the 1st quarter. Royce & Associates LP now owns 160,327 shares of the construction company’s stock worth $6,488,000 after acquiring an additional 49,350 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

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.