Argan (NYSE:AGX) Issues Quarterly Earnings Results

Argan (NYSE:AGX) released its earnings results on Thursday. The construction company reported $0.89 earnings per share for the quarter, topping 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 company had revenue of $164.55 million during the quarter, compared to the consensus estimate of $162.05 million. During the same quarter in the previous year, the company posted ($0.46) EPS. Argan’s quarterly revenue was up 38.5% compared to the same quarter last year.

Argan Trading Up 21.4 %

Argan stock opened at $59.91 on Friday. The firm has a market cap of $798.60 million, a P/E ratio of 25.07 and a beta of 0.49. Argan has a 1-year low of $37.37 and a 1-year high of $61.79. The firm has a 50-day moving average of $48.20 and a 200-day moving average of $46.52.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, April 19th. Argan’s payout ratio is 50.21%.

Institutional Investors Weigh In On Argan

A number of large investors have recently made changes to their positions in the business. Quantbot Technologies LP raised its position in shares of Argan by 390.9% in the 2nd quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock worth $60,000 after acquiring an additional 1,290 shares in the last quarter. Lazard Asset Management LLC bought a new position in Argan in the second quarter worth $80,000. PNC Financial Services Group Inc. purchased a new position in Argan during the first quarter valued at $109,000. Barclays PLC boosted its holdings in shares of Argan by 519.2% during the 4th quarter. Barclays PLC now owns 3,517 shares of the construction company’s stock valued at $130,000 after buying an additional 2,949 shares in the last quarter. Finally, UBS Group AG boosted its holdings in shares of Argan by 38.6% during the 3rd quarter. UBS Group AG now owns 5,052 shares of the construction company’s stock valued at $163,000 after buying an additional 1,408 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Lake Street Capital lifted 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.

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.