Argan (NYSE:AGX) Sets New 12-Month High at $62.19

Shares of Argan, Inc. (NYSE:AGX) reached a new 52-week high on Friday . The stock traded as high as $62.19 and last traded at $61.40, with a volume of 32226 shares trading hands. The stock had previously closed at $60.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AGX. Lake Street Capital upped their price target on shares of Argan from $61.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. StockNews.com raised Argan from a “buy” rating to a “strong-buy” rating in a research report on Monday.

Argan Stock Up 1.6 %

The company has a market cap of $816.25 million, a PE ratio of 25.52 and a beta of 0.49. The firm has a 50 day simple moving average of $49.73 and a 200-day simple moving average of $47.02.

Argan (NYSE:AGX) last posted its quarterly earnings data on Thursday, April 11th. The construction company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.75 by $0.14. Argan had a net margin of 5.64% and a return on equity of 11.37%. The firm had revenue of $164.55 million during the quarter, compared to analyst estimates of $162.05 million. During the same quarter in the previous year, the business posted ($0.46) EPS. Argan’s revenue was up 38.5% on a year-over-year basis.

Argan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 22nd will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.95%. Argan’s payout ratio is 50.21%.

Hedge Funds Weigh In On Argan

Several hedge funds and other institutional investors have recently modified their holdings of AGX. New York State Teachers Retirement System acquired a new stake in shares of Argan during the fourth quarter worth $53,000. Quantbot Technologies LP grew its stake in Argan by 390.9% during the 2nd quarter. Quantbot Technologies LP now owns 1,620 shares of the construction company’s stock valued at $60,000 after purchasing an additional 1,290 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Argan in the fourth quarter valued at about $64,000. Lazard Asset Management LLC purchased a new position in shares of Argan in the second quarter worth about $80,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Argan during the first quarter worth about $109,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Argan Company Profile

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