Argan (NYSE:AGX) Posts Quarterly Earnings Results, Beats Expectations By $0.34 EPS

Argan (NYSE:AGX) issued its quarterly earnings data on Thursday. The construction company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.34, Briefing.com reports. The firm had revenue of $227.02 million for the quarter, compared to analysts’ expectations of $191.05 million. Argan had a net margin of 6.08% and a return on equity of 13.22%. The company’s revenue for the quarter was up 60.6% compared to the same quarter last year.

Argan Stock Performance

NYSE AGX opened at $89.97 on Friday. The stock has a 50 day moving average price of $74.25 and a 200-day moving average price of $65.25. Argan has a one year low of $39.74 and a one year high of $95.73. The company has a market capitalization of $1.20 billion, a P/E ratio of 32.02 and a beta of 0.51.

Argan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 23rd were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, July 23rd. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. Argan’s dividend payout ratio (DPR) is 42.70%.

Insider Activity at Argan

In other news, Chairman William F. Griffin, Jr. sold 1,885 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $78.31, for a total value of $147,614.35. Following the sale, the chairman now directly owns 175,719 shares in the company, valued at approximately $13,760,554.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman William F. Griffin, Jr. sold 13,115 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $79.66, for a total transaction of $1,044,740.90. Following the transaction, the chairman now directly owns 157,604 shares in the company, valued at approximately $12,554,734.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman William F. Griffin, Jr. sold 1,885 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $78.31, for a total transaction of $147,614.35. Following the completion of the sale, the chairman now directly owns 175,719 shares in the company, valued at $13,760,554.89. The disclosure for this sale can be found here. Insiders have sold a total of 103,039 shares of company stock valued at $7,712,880 over the last 90 days. 11.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AGX. Lake Street Capital increased their price objective on shares of Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. StockNews.com cut shares of Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

Argan Company Profile

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The company operates through Power Services, Industrial Services, and Telecom Services segments. The Power Services segment offers engineering, procurement, and construction, as well as designing, building, and commissioning of large-scale energy projects to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.