Argan (NYSE:AGX) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

by · The Cerbat Gem

Argan (NYSE:AGX – Get Free Report) issued its earnings results on Thursday. The construction company reported $0.89 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the company posted ($0.46) EPS. The firm’s revenue for the quarter was up 38.5% compared to the same quarter last year.

Argan Trading Up 21.4 %

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

Argan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 22nd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.20 annualized dividend and a yield of 2.00%. Argan’s payout ratio is currently 50.21%.

Institutional Trading of Argan

Several hedge funds have recently added to or reduced their stakes in the company. Creative Planning acquired a new position in Argan in the 4th quarter valued at $214,000. Nebula Research & Development LLC acquired a new position in shares of Argan during the 4th quarter worth $212,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Argan during the 1st quarter worth $209,000. Citigroup Inc. raised its holdings in shares of Argan by 226.5% during the 2nd quarter. Citigroup Inc. now owns 5,257 shares of the construction company’s stock worth $207,000 after buying an additional 3,647 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Argan by 96.3% during the 2nd quarter. Wells Fargo & Company MN now owns 5,157 shares of the construction company’s stock worth $203,000 after buying an additional 2,530 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Analysis on Argan

About Argan

(Get Free Report)

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.

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