Argan (NYSE:AGX) Announces Earnings Results

Argan (NYSE:AGX) posted its earnings results on Thursday. The construction company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14, Briefing.com reports. The company had revenue of $164.55 million for the quarter, compared to analysts’ expectations of $162.05 million. Argan had a net margin of 5.64% and a return on equity of 11.45%. Argan’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.46) earnings per share.

Argan Stock Performance

AGX stock opened at $59.91 on Friday. The firm has a market capitalization of $798.60 million, a price-to-earnings ratio of 25.07 and a beta of 0.49. Argan has a fifty-two week low of $37.37 and a fifty-two week high of $61.79. The company’s 50 day moving average price is $48.20 and its 200 day moving average price is $46.52.

Argan Dividend Announcement

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

Hedge Funds Weigh In On Argan

Several hedge funds have recently added to or reduced their stakes in AGX. Quantbot Technologies LP boosted its holdings in shares of Argan by 390.9% in the second quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock valued at $60,000 after acquiring an additional 1,290 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Argan in the second quarter valued at approximately $80,000. PNC Financial Services Group Inc. acquired a new stake in shares of Argan during the first quarter worth $109,000. Barclays PLC lifted its holdings in shares of Argan by 519.2% during the fourth quarter. Barclays PLC now owns 3,517 shares of the construction company’s stock worth $130,000 after purchasing an additional 2,949 shares during the period. Finally, UBS Group AG lifted its holdings in shares of Argan by 38.6% during the third quarter. UBS Group AG now owns 5,052 shares of the construction company’s stock worth $163,000 after purchasing an additional 1,408 shares during the period. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

About Argan

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.