Argan, Inc. (NYSE:AGX) Declares Quarterly Dividend of $0.38

Argan, Inc. (NYSE:AGX) declared a quarterly dividend on Friday, December 13th,Wall Street Journal reports. Investors of record on Thursday, January 23rd will be paid a dividend of 0.375 per share by the construction company on Friday, January 31st. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, January 23rd.

Argan has decreased its dividend by an average of 5.7% annually over the last three years. Argan has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings.

Argan Stock Performance

Shares of NYSE AGX opened at $142.96 on Friday. The company has a market cap of $1.94 billion, a P/E ratio of 29.91 and a beta of 0.53. Argan has a 52-week low of $43.00 and a 52-week high of $165.33. The firm’s fifty day moving average is $139.45 and its two-hundred day moving average is $100.06.

Argan (NYSE:AGX) last posted its earnings results on Thursday, December 5th. The construction company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.74. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $225.60 million. Argan had a return on equity of 21.66% and a net margin of 8.20%. Argan’s quarterly revenue was up 56.9% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Lake Street Capital downgraded Argan from a “buy” rating to a “hold” rating and increased their target price for the company from $85.00 to $150.00 in a research report on Tuesday, December 3rd. CJS Securities reiterated a “market perform” rating and set a $150.00 price objective on shares of Argan in a research report on Friday, December 6th. Finally, StockNews.com downgraded shares of Argan from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Insider Activity at Argan

In other news, Director William F. Leimkuhler sold 10,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $96.20, for a total value of $962,000.00. Following the sale, the director now directly owns 35,852 shares in the company, valued at approximately $3,448,962.40. This represents a 21.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rainer H. Bosselmann sold 4,598 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $131.01, for a total value of $602,383.98. Following the transaction, the director now owns 236,745 shares of the company’s stock, valued at approximately $31,015,962.45. The trade was a 1.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,703 shares of company stock worth $3,360,994. Company insiders own 11.85% of the company’s stock.

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.