Argan (NYSE:AGX) Issues Earnings Results, Beats Estimates By $0.34 EPS

Argan (NYSE:AGX) announced its quarterly earnings results 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 company had revenue of $227.02 million for the quarter, compared to the consensus estimate of $191.05 million. Argan had a return on equity of 13.22% and a net margin of 6.08%. Argan’s quarterly revenue was up 60.6% compared to the same quarter last year.

Argan Price Performance

Shares of AGX traded up $18.59 during mid-day trading on Friday, reaching $89.97. The stock had a trading volume of 1,332,729 shares, compared to its average volume of 131,952. The business’s fifty day moving average is $74.25 and its 200 day moving average is $65.25. Argan has a 52-week low of $39.74 and a 52-week high of $95.73. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 32.02 and a beta of 0.51.

Argan Dividend Announcement

The business also recently declared 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 is presently 42.70%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Lake Street Capital raised their price objective on Argan from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday, June 7th. StockNews.com lowered shares of Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

Insider Buying and Selling at Argan

In other Argan news, Chairman William F. Griffin, Jr. sold 13,115 shares of Argan stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $79.66, for a total value of $1,044,740.90. Following the sale, the chairman now owns 157,604 shares in the company, valued at $12,554,734.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO David Hibbert Watson sold 15,134 shares of Argan stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $77.79, for a total value of $1,177,273.86. Following the completion of the transaction, the chief executive officer now owns 44,348 shares in the company, valued at $3,449,830.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William F. Griffin, Jr. sold 13,115 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $79.66, for a total transaction of $1,044,740.90. Following the sale, the chairman now directly owns 157,604 shares in the company, valued at $12,554,734.64. The disclosure for this sale can be found here. Insiders have sold 103,039 shares of company stock worth $7,712,880 in the last ninety days. 11.85% of the stock is owned by insiders.

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.