Argan, Inc. (NYSE:AGX) authorizes $ 25.00 million share buyback program.
Rainer Bosselmann, Chairman and Chief Executive Officer, said, We are confident in the future of our business and these actions that the Board of Directors have taken are intended to enhance and return shareholder value. Given our strong balance sheet with cash of over $360 million and no debt, with over $3.0 billion in signed EPC contracts for power plant projects, the conversion of our TeesREP loss contract from fixed-price to time-and-materials, and the increased ramp-up of construction on the largest project in our history, we believe it is the right time to return some of that value to our patient and loyal stockholders during these challenging times.
Based on previous trading day last sale of $41.60, the program would allow the repurchase of 600.96 thousand shares.
Stock Performance
According to the previous trading day, closing price of AGX was $ 41.60, representing a 39.08 % increase from the 52 week low of $ 29.91 and a 12.84 % decrease over the 52 week high of $ 47.73.
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The company has a market capital of $ 643.37 million and is part of the Industrials sector and Engineering & Construction industry.
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. The Power Industry Services segment offers engineering, procurement, and construction (EPC) contracting services 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 44 projects with approximately 15 gigawatts of power-generating capacity.
