Lindsay Corporation (NYSE:LNN) has earned an average rating of “Hold” from the seven analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $91.50.
A number of brokerages recently commented on LNN. Zacks Investment Research upgraded Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Monday, July 31st. BidaskClub cut Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Piper Jaffray Companies set a $80.00 target price on Lindsay Corporation and gave the company a “hold” rating in a research report on Saturday, August 5th. Sidoti reiterated a “buy” rating and issued a $107.00 target price (up previously from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Lindsay Corporation in a research report on Thursday, June 29th.
Lindsay Corporation (LNN) opened at 89.96 on Wednesday. The company’s 50-day moving average is $87.44 and its 200 day moving average is $86.44. The firm has a market cap of $961.58 million, a P/E ratio of 38.98 and a beta of 0.46. Lindsay Corporation has a 12 month low of $69.11 and a 12 month high of $95.04.
Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The company had revenue of $151.50 million for the quarter, compared to analysts’ expectations of $145.30 million. During the same quarter last year, the business earned $0.90 earnings per share. Lindsay Corporation’s revenue was up 7.2% on a year-over-year basis. Equities research analysts expect that Lindsay Corporation will post $2.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Tuesday, August 15th. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s payout ratio is currently 52.17%.
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In other news, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $91.47, for a total transaction of $7,078,588.89. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $89.28, for a total value of $624,960.00. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Flinton Capital Management LLC boosted its stake in shares of Lindsay Corporation by 72.7% during the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after purchasing an additional 544 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Lindsay Corporation by 13.7% during the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 160 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Lindsay Corporation by 467.1% during the second quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 1,177 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Lindsay Corporation during the first quarter valued at about $133,000. Finally, US Bancorp DE boosted its stake in shares of Lindsay Corporation by 100.0% during the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 900 shares in the last quarter. 97.44% of the stock is currently owned by hedge funds and other institutional investors.
About Lindsay Corporation
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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