Argan, Inc. (AGX) to Issue Quarterly Dividend of $0.50 on April 30th

Argan, Inc. (NYSE:AGX) declared a quarterly dividend on Wednesday, April 8th. Stockholders of record on Wednesday, April 22nd will be paid a dividend of 0.50 per share by the construction company on Thursday, April 30th. This represents a c) annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Wednesday, April 22nd.

Argan has decreased its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 2 years. Argan has a payout ratio of 27.4% indicating that its dividend is sufficiently covered by earnings.

Argan Stock Up 1.1%

Shares of AGX opened at $604.70 on Monday. The company’s fifty day moving average is $485.17 and its 200-day moving average is $383.19. Argan has a 12 month low of $126.07 and a 12 month high of $620.00. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 62.08 and a beta of 0.46.

Argan (NYSE:AGX) last announced its quarterly earnings results on Thursday, March 26th. The construction company reported $3.47 EPS for the quarter, topping the consensus estimate of $1.99 by $1.48. Argan had a net margin of 14.59% and a return on equity of 33.62%. The company had revenue of $262.05 million for the quarter, compared to analyst estimates of $255.32 million. During the same quarter in the prior year, the business posted $2.22 EPS. Argan’s quarterly revenue was up 12.7% on a year-over-year basis.

Argan declared that its Board of Directors has approved a stock buyback program on Wednesday, April 8th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

About Argan

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.