Argan (NYSE:AGX) Posts Earnings Results, Beats Estimates By $0.74 EPS

Argan (NYSE:AGX) released its quarterly earnings data on Thursday. The construction company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.74, Briefing.com reports. The company had revenue of $257.00 million for the quarter, compared to analysts’ expectations of $225.60 million. Argan had a net margin of 6.11% and a return on equity of 14.80%. The business’s revenue for the quarter was up 56.9% compared to the same quarter last year.

Argan Price Performance

Shares of NYSE:AGX traded down $0.16 during trading on Thursday, hitting $148.82. 360,114 shares of the company were exchanged, compared to its average volume of 175,932. The company has a market cap of $2.01 billion, a PE ratio of 46.80 and a beta of 0.53. The stock has a 50 day moving average of $133.38 and a 200 day moving average of $96.27. Argan has a 52-week low of $39.74 and a 52-week high of $165.33.

Argan Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 23rd were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, October 23rd. This represents a $1.50 annualized dividend and a dividend yield of 1.01%. This is an increase from Argan’s previous quarterly dividend of $0.30. Argan’s dividend payout ratio is currently 47.17%.

Insiders Place Their Bets

In related news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the sale, the director now directly owns 17,332 shares of the company’s stock, valued at $1,670,631.48. This trade represents a 22.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rainer H. Bosselmann sold 10,105 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $130.10, for a total transaction of $1,314,660.50. Following the transaction, the director now owns 219,879 shares in the company, valued at $28,606,257.90. The trade was a 4.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,703 shares of company stock worth $4,257,794 over the last 90 days. Corporate insiders own 11.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AGX. Lake Street Capital lowered Argan from a “buy” rating to a “hold” rating and increased their price target for the stock from $85.00 to $150.00 in a report on Tuesday. StockNews.com lowered Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

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.