Argan, Inc. (AGX) to Issue Quarterly Dividend of $0.38 on April 30th

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Friday, April 11th, Wall Street Journal reports. Stockholders of record on Tuesday, April 22nd will be paid a dividend of 0.375 per share by the construction company on Wednesday, April 30th. This represents a $1.50 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, April 22nd.

Argan has increased its dividend payment by an average of 10.5% per year over the last three years. Argan has a dividend payout ratio of 20.5% meaning its dividend is sufficiently covered by earnings.

Argan Stock Up 7.7 %

Shares of NYSE:AGX opened at $148.66 on Friday. The business’s 50 day moving average is $131.41 and its 200 day moving average is $137.87. Argan has a 12-month low of $54.80 and a 12-month high of $191.46. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 31.10 and a beta of 0.45.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, March 27th. The construction company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $1.07. The firm had revenue of $232.47 million for the quarter, compared to the consensus estimate of $197.50 million. Argan had a net margin of 8.20% and a return on equity of 21.66%. Argan’s quarterly revenue was up 41.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised shares of Argan from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Friday, March 28th.

Insiders Place Their Bets

In other news, Director Peter W. Getsinger sold 7,385 shares of Argan stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $165.29, for a total transaction of $1,220,666.65. Following the sale, the director now directly owns 11,792 shares in the company, valued at $1,949,099.68. The trade was a 38.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 11.85% of the company’s stock.

About Argan

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.