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

Argan (NYSE:AGX) released its quarterly earnings results on Thursday. The construction company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.34, Briefing.com reports. Argan had a net margin of 6.08% and a return on equity of 13.22%. The firm had revenue of $227.02 million during the quarter, compared to analysts’ expectations of $191.05 million. The firm’s quarterly revenue was up 60.6% on a year-over-year basis.

Argan Price Performance

NYSE AGX traded up $18.59 during midday trading on Friday, hitting $89.97. 1,332,729 shares of the company traded hands, compared to its average volume of 131,952. Argan has a 52 week low of $39.74 and a 52 week high of $95.73. The company’s 50-day simple moving average is $74.25 and its 200-day simple moving average is $65.25. The company has a market cap of $1.20 billion, a PE ratio of 32.02 and a beta of 0.51.

Argan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 23rd were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Tuesday, July 23rd. Argan’s dividend payout ratio (DPR) is 42.70%.

Insider Buying and Selling

In related news, Director Peter W. Getsinger sold 1,405 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $78.36, for a total transaction of $110,095.80. Following the completion of the transaction, the director now owns 13,000 shares in the company, valued at approximately $1,018,680. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Argan news, Director Peter W. Getsinger sold 1,405 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $78.36, for a total value of $110,095.80. Following the completion of the sale, the director now directly owns 13,000 shares in the company, valued at $1,018,680. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Rainer H. Bosselmann sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $76.85, for a total transaction of $1,921,250.00. Following the transaction, the director now owns 272,719 shares in the company, valued at approximately $20,958,455.15. The disclosure for this sale can be found here. Insiders sold 103,039 shares of company stock worth $7,712,880 in the last three months. 11.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AGX shares. Lake Street Capital lifted their target price on Argan from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. StockNews.com lowered Argan from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 7th.

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.