Argan (NYSE:AGX) Sees Large Volume Increase Following Dividend Announcement

Argan, Inc. (NYSE:AGXGet Rating) saw an uptick in trading volume on Friday after the company announced a dividend. 3,973 shares traded hands during trading, a decline of 93% from the previous session’s volume of 58,098 shares.The stock last traded at $35.42 and had previously closed at $32.44.

The newly announced dividend which will be paid on Monday, October 31st. Stockholders of record on Friday, October 21st will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, October 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.88%. Argan’s payout ratio is currently 58.14%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AGX shares. TheStreet raised shares of Argan from a “c” rating to a “b-” rating in a research report on Friday, June 17th. StockNews.com cut shares of Argan from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd.

Argan Price Performance

The business’s 50-day moving average price is $35.88 and its 200 day moving average price is $37.78. The firm has a market capitalization of $492.74 million, a price-to-earnings ratio of 20.17 and a beta of 0.54.

Argan (NYSE:AGXGet Rating) last posted its quarterly earnings results on Wednesday, June 8th. The construction company reported $0.50 earnings per share (EPS) for the quarter. The firm had revenue of $100.28 million for the quarter. Argan had a net margin of 5.62% and a return on equity of 10.50%.

Institutional Trading of Argan

Institutional investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. raised its holdings in Argan by 16.6% in the first quarter. Robeco Institutional Asset Management B.V. now owns 16,434 shares of the construction company’s stock valued at $667,000 after acquiring an additional 2,340 shares in the last quarter. WINTON GROUP Ltd increased its stake in Argan by 9.7% during the first quarter. WINTON GROUP Ltd now owns 22,224 shares of the construction company’s stock valued at $902,000 after purchasing an additional 1,972 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Argan by 63.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,725 shares of the construction company’s stock valued at $151,000 after purchasing an additional 1,452 shares during the last quarter. Raymond James & Associates increased its stake in Argan by 5.0% during the first quarter. Raymond James & Associates now owns 160,553 shares of the construction company’s stock valued at $6,517,000 after purchasing an additional 7,686 shares during the last quarter. Finally, Dean Capital Management increased its stake in Argan by 19.9% during the fourth quarter. Dean Capital Management now owns 66,724 shares of the construction company’s stock valued at $2,582,000 after purchasing an additional 11,063 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

About Argan

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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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