Argan (NYSE:AGX) Releases Earnings Results, Beats Expectations By $0.14 EPS

Argan (NYSE:AGX) issued its quarterly earnings data on Thursday. The construction company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14, Briefing.com reports. Argan had a return on equity of 11.45% and a net margin of 5.64%. The business had revenue of $164.55 million during the quarter, compared to analysts’ expectations of $162.05 million. During the same period in the previous year, the firm posted ($0.46) earnings per share. The company’s revenue was up 38.5% on a year-over-year basis.

Argan Trading Up 21.4 %

NYSE:AGX opened at $59.91 on Friday. The firm has a market cap of $798.60 million, a PE ratio of 25.07 and a beta of 0.49. The stock has a fifty day moving average price of $48.20 and a 200 day moving average price of $46.52. Argan has a 12-month low of $37.37 and a 12-month high of $61.79.

Argan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be issued 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 (DPR) is presently 50.21%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in Argan by 123.2% during the 1st quarter. Wellington Management Group LLP now owns 214,700 shares of the construction company’s stock worth $8,689,000 after buying an additional 118,500 shares during the last quarter. State Street Corp lifted 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 worth $15,265,000 after buying an additional 82,024 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 worth $30,976,000 after buying an additional 69,059 shares during the last quarter. Wasatch Advisors LP lifted its holdings in Argan by 73.0% during the 1st quarter. Wasatch Advisors LP now owns 151,726 shares of the construction company’s stock worth $6,140,000 after buying an additional 64,007 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in Argan by 44.5% during the 1st quarter. Royce & Associates LP now owns 160,327 shares of the construction company’s stock worth $6,488,000 after buying an additional 49,350 shares during the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Lake Street Capital lifted their target price on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a report on Friday.

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.