Argan, Inc. (NYSE:AGX) Declares Dividend Increase – $0.38 Per Share

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

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

Argan Stock Performance

NYSE:AGX opened at $128.79 on Monday. The stock’s 50-day simple moving average is $91.88 and its 200 day simple moving average is $77.01. Argan has a 52-week low of $39.74 and a 52-week high of $135.85. The company has a market cap of $1.72 billion, a P/E ratio of 45.83 and a beta of 0.53.

Argan (NYSE:AGX) last announced its quarterly earnings data 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. Argan had a return on equity of 14.80% and a net margin of 6.11%. The company had revenue of $227.02 million for the quarter, compared to analysts’ expectations of $191.05 million. The business’s quarterly revenue was up 60.6% on a year-over-year basis.

Insiders Place Their Bets

In other news, Director William F. Leimkuhler sold 10,000 shares of Argan stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $96.20, for a total value of $962,000.00. Following the completion of the transaction, the director now owns 35,852 shares of the company’s stock, valued at $3,448,962.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Argan news, Director William F. Leimkuhler sold 10,000 shares of the company’s 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 owns 35,852 shares in the company, valued at $3,448,962.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Hibbert Watson sold 15,134 shares of Argan stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $77.79, for a total value of $1,177,273.86. Following the transaction, the chief executive officer now owns 44,348 shares of the company’s stock, valued at $3,449,830.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,539 shares of company stock valued at $4,820,475. 11.85% of the stock is currently owned by corporate insiders.

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.