Lindsay Corp. (LNN) Sees Strong Trading Volume
Shares of Lindsay Corp. (NYSE:LNN) saw unusually-strong trading volume on Thursday . Approximately 54,664 shares were traded 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.
Several equities research analysts recently commented on LNN shares. Seaport Global Securities started coverage on Lindsay Corp. in a research note on Tuesday, May 24th. They issued a “neutral” rating and a $67.00 price target for the company. Stifel Nicolaus cut Lindsay Corp. from a “hold” rating to a “sell” rating and set a $64.00 price target for the company. in a research note on Thursday, June 2nd. Finally, TheStreet raised Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Lindsay Corp. has an average rating of “Hold” and an average price target of $70.38.
The company has a market capitalization of $788.53 million and a PE ratio of 89.16. The stock has a 50 day moving average price of $70.54 and a 200 day moving average price of $71.86.
Lindsay Corp. (NYSE:LNN) last released its quarterly earnings results on Thursday, June 30th. The company reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.09. The firm earned $141.30 million during the quarter. During the same quarter last year, the company earned $1.10 EPS. The business’s revenue was down 12.1% on a year-over-year basis. Equities analysts forecast that Lindsay Corp. will post $1.76 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.56%. This is a boost from Lindsay Corp.’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, August 15th.
A hedge fund recently raised its stake in Lindsay Corp. stock. KBC Group NV raised its position in Lindsay Corp. (NYSE:LNN) by 34.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,501 shares of the company’s stock after buying an additional 11,477 shares during the period. KBC Group NV owned 0.40% of Lindsay Corp. worth $3,222,000 at the end of the most recent reporting period.
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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