Argan, Inc. (NYSE:AGX) Increases Dividend to $0.38 Per Share

Argan, Inc. (NYSE:AGX) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Investors of record on Wednesday, October 23rd will be paid a dividend of 0.375 per share by the construction company on Thursday, October 31st. This represents a $1.50 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Wednesday, October 23rd. This is a boost from Argan’s previous quarterly dividend of $0.30.

Argan has decreased its dividend by an average of 5.7% per year over the last three years. Argan has a payout ratio of 29.6% indicating that its dividend is sufficiently covered by earnings.

Argan Stock Down 0.2 %

Shares of AGX stock opened at $128.79 on Monday. Argan has a 12-month low of $39.74 and a 12-month high of $135.85. The firm has a 50 day moving average price of $91.88 and a two-hundred day moving average price of $77.01. The company has a market capitalization of $1.72 billion, a PE ratio of 45.83 and a beta of 0.53.

Argan (NYSE:AGX) last issued its quarterly earnings results on Thursday, September 5th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.34. The business had revenue of $227.02 million for the quarter, compared to the consensus estimate of $191.05 million. Argan had a return on equity of 14.80% and a net margin of 6.11%. The business’s quarterly revenue was up 60.6% compared to the same quarter last year.

Insider Activity at Argan

In other Argan news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the sale, the director now owns 17,332 shares in the company, valued at $1,670,631.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Cynthia Flanders sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $96.39, for a total value of $481,950.00. Following the completion of the transaction, the director now owns 17,332 shares in the company, valued at $1,670,631.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Hibbert Watson sold 15,134 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $77.79, for a total transaction of $1,177,273.86. Following the sale, the chief executive officer now directly owns 44,348 shares in the company, valued at $3,449,830.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,539 shares of company stock valued at $4,820,475. 11.85% of the stock is owned by insiders.

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.