Argan, Inc. (NYSE:AGX) to Issue $0.25 Quarterly Dividend

Argan, Inc. (NYSE:AGX) declared a quarterly dividend on Thursday, June 20th, Zacks reports. Investors of record on Tuesday, July 23rd will be paid a dividend of 0.25 per share by the construction company on Wednesday, July 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, July 22nd.

Argan has increased its dividend payment by an average of 2.3% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Argan has a dividend payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings.

NYSE:AGX opened at $40.88 on Friday. The firm has a market cap of $639.08 million, a P/E ratio of 30.74 and a beta of 0.69. The firm’s 50 day moving average price is $41.80. Argan has a fifty-two week low of $35.08 and a fifty-two week high of $51.95.

Argan (NYSE:AGX) last announced its quarterly earnings data on Monday, June 10th. The construction company reported ($1.91) EPS for the quarter, missing the consensus estimate of ($0.12) by ($1.79). Argan had a return on equity of 5.49% and a net margin of 4.46%. The company had revenue of $49.50 million for the quarter, compared to analyst estimates of $52.60 million. During the same period last year, the business earned $0.31 EPS. The business’s quarterly revenue was down 65.0% compared to the same quarter last year.

Several analysts recently issued reports on the stock. TheStreet downgraded shares of Tesla from a “c-” rating to a “d+” rating in a research report on Monday, April 29th. Lake Street Capital lifted their price target on shares of Argan from $56.00 to $62.00 and gave the company a “positive” rating in a research report on Thursday, April 11th.

In related news, Director W G. Champion Mitchell sold 7,788 shares of Argan stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $49.73, for a total value of $387,297.24. Following the completion of the sale, the director now owns 53,333 shares of the company’s stock, valued at approximately $2,652,250.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 8.13% of the company’s stock.

About Argan

Argan, Inc, through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments.

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Dividend History for Argan (NYSE:AGX)

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