Argan, Inc. (NYSE:AGX) Plans Quarterly Dividend of $0.38

Argan, Inc. (NYSE:AGX) declared a quarterly dividend on Friday, April 11th, Wall Street Journal reports. Investors of record on Tuesday, April 22nd will be paid a dividend of 0.375 per share by the construction company on Wednesday, April 30th. This represents a $1.50 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Tuesday, April 22nd.

Argan has increased its dividend payment by an average of 10.5% per year over the last three years. Argan has a dividend payout ratio of 20.5% meaning its dividend is sufficiently covered by earnings.

Argan Stock Down 1.7 %

AGX stock opened at $146.19 on Friday. The business has a 50 day moving average of $130.57 and a 200 day moving average of $139.46. Argan has a twelve month low of $60.03 and a twelve month high of $191.46. The firm has a market cap of $1.99 billion, a PE ratio of 30.58 and a beta of 0.45.

Argan (NYSE:AGX) last released its earnings results on Thursday, March 27th. The construction company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $1.07. Argan had a return on equity of 21.66% and a net margin of 8.20%. The company had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. Argan’s revenue for the quarter was up 41.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital upgraded Argan from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Friday, March 28th.

Insiders Place Their Bets

In related news, Director Peter W. Getsinger sold 5,000 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $145.03, for a total transaction of $725,150.00. Following the completion of the sale, the director now directly owns 11,496 shares of the company’s stock, valued at $1,667,264.88. This represents a 30.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.85% of the company’s stock.

About Argan

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.