Argan (NYSE:AGX) Shares Gap Up Following Earnings Beat

Argan, Inc. (NYSE:AGXGet Free Report)’s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $69.14, but opened at $74.15. Argan shares last traded at $74.58, with a volume of 15,887 shares.

The construction company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.06. The company had revenue of $157.70 million for the quarter, compared to analyst estimates of $134.75 million. Argan had a return on equity of 11.37% and a net margin of 5.64%. Argan’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) EPS.

Argan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 22nd were paid a dividend of $0.30 per share. The ex-dividend date was Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.58%. Argan’s dividend payout ratio is presently 50.21%.

Analyst Ratings Changes

Several research analysts have issued reports on AGX shares. Lake Street Capital boosted their target price on Argan from $61.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, April 12th. StockNews.com raised Argan from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 15th.

Check Out Our Latest Stock Report on AGX

Insider Transactions at Argan

In other Argan news, Chairman William F. Griffin, Jr. sold 15,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $59.99, for a total value of $899,850.00. Following the completion of the sale, the chairman now directly owns 14,150 shares in the company, valued at approximately $848,858.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman William F. Griffin, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $59.99, for a total value of $899,850.00. Following the completion of the transaction, the chairman now owns 14,150 shares of the company’s stock, valued at $848,858.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mano S. Koilpillai sold 2,700 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $61.79, for a total value of $166,833.00. Following the sale, the director now owns 7,608 shares of the company’s stock, valued at $470,098.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,606 shares of company stock valued at $2,394,182. 11.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System acquired a new stake in Argan during the 4th quarter worth about $53,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Argan in the fourth quarter worth about $64,000. EntryPoint Capital LLC acquired a new stake in Argan during the first quarter worth about $95,000. Price T Rowe Associates Inc. MD raised its position in Argan by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,656 shares of the construction company’s stock valued at $286,000 after acquiring an additional 539 shares in the last quarter. Finally, Seizert Capital Partners LLC acquired a new stake in shares of Argan during the 4th quarter worth approximately $280,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Argan Stock Up 9.7 %

The company’s 50-day moving average is $62.14 and its 200 day moving average is $51.99. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 31.74 and a beta of 0.45.

Argan Company Profile

(Get Free Report)

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.

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