Argan, Inc. (AGX) to Issue Quarterly Dividend of $0.30 on April 30th

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 is Friday, April 19th.

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

Argan Stock Performance

Argan stock opened at $61.25 on Wednesday. Argan has a 52 week low of $37.37 and a 52 week high of $61.79. The firm has a market capitalization of $810.95 million, a PE ratio of 25.63 and a beta of 0.49. The business’s 50-day simple moving average is $49.12 and its 200-day simple moving average is $46.83.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AGX. StockNews.com upgraded Argan from a “buy” rating to a “strong-buy” rating in a report on Monday. Lake Street Capital upped their price target on shares of Argan from $61.00 to $70.00 and gave the company a “buy” rating in a report on Friday, April 12th.

Hedge Funds Weigh In On Argan

Several institutional investors and hedge funds have recently modified their holdings of AGX. Quantbot Technologies LP lifted its stake in Argan by 390.9% during the second quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock worth $60,000 after purchasing an additional 1,290 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Argan during the 2nd quarter worth $80,000. PNC Financial Services Group Inc. bought a new stake in shares of Argan during the 1st quarter worth $109,000. Barclays PLC lifted its position in shares of Argan by 519.2% in the 4th quarter. Barclays PLC now owns 3,517 shares of the construction company’s stock worth $130,000 after purchasing an additional 2,949 shares during the period. Finally, UBS Group AG boosted its stake in shares of Argan by 38.6% in the 3rd quarter. UBS Group AG now owns 5,052 shares of the construction company’s stock valued at $163,000 after purchasing an additional 1,408 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.