Lindsay Corp. (LNN) Sees Unusually-High Trading Volume
Lindsay Corp. (NYSE:LNN) saw unusually-high trading volume on Thursday . Approximately 54,664 shares changed hands during mid-day trading, a decline of 11% from the previous session’s volume of 61,220 shares.The stock last traded at $74.28 and had previously closed at $74.33.
LNN has been the topic of several recent analyst reports. TheStreet upgraded Lindsay Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 1st. Stifel Nicolaus downgraded Lindsay Corp. from a “hold” rating to a “sell” rating and set a $64.00 price target on the stock. in a report on Thursday, June 2nd. Finally, Seaport Global Securities initiated coverage on Lindsay Corp. in a report on Tuesday, May 24th. They issued a “neutral” rating and a $67.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Lindsay Corp. has a consensus rating of “Hold” and an average target price of $70.38.
The company has a market cap of $790.02 million and a price-to-earnings ratio of 89.33. The stock’s 50 day moving average is $70.35 and its 200 day moving average is $71.84.
Lindsay Corp. (NYSE:LNN) last issued its earnings results on Thursday, June 30th. The company reported $0.90 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.09. The firm earned $141.30 million during the quarter. During the same quarter in the previous year, the company posted $1.10 EPS. The company’s revenue was down 12.1% on a year-over-year basis. Equities analysts forecast that Lindsay Corp. will post $1.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Monday, August 15th. This is an increase from Lindsay Corp.’s previous quarterly dividend of $0.28.
A hedge fund recently raised its stake in Lindsay Corp. stock. Bank of Montreal Can increased its stake in Lindsay Corp. (NYSE:LNN) by 3,067.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,180 shares of the company’s stock after buying an additional 24,385 shares during the period. Bank of Montreal Can owned about 0.23% of Lindsay Corp. worth $1,822,000 at the end of the most recent quarter.
Lindsay Corporation provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. Its Irrigation Segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems, which are used principally in the agricultural industry.
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