Lindsay Corp. (LNN) Reaches New 12-Month High After Strong Earnings
Lindsay Corp. (NYSE:LNN)’s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $80.28 and last traded at $77.37, with a volume of 415,332 shares trading hands. The stock had previously closed at $69.30.
The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.43 by $0.30. The firm earned $132.90 million during the quarter, compared to analyst estimates of $113.38 million. Lindsay Corp. had a net margin of 1.83% and a return on equity of 9.74%. Lindsay Corp.’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be paid a dividend of $0.29 per share. The ex-dividend date is Monday, November 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.67%. Lindsay Corp.’s dividend payout ratio (DPR) is presently 133.33%.
Several research analysts recently commented on LNN shares. TheStreet upgraded shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Zacks Investment Research lowered shares of Lindsay Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Lindsay Corp. has a consensus rating of “Hold” and a consensus price target of $71.57.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stephens Investment Management Group LLC acquired a new stake in Lindsay Corp. during the second quarter valued at approximately $7,970,000. Fenimore Asset Management Inc. increased its stake in Lindsay Corp. by 296.7% in the second quarter. Fenimore Asset Management Inc. now owns 106,465 shares of the company’s stock valued at $7,225,000 after buying an additional 79,630 shares during the period. Impax Asset Management LTD increased its stake in Lindsay Corp. by 35.0% in the second quarter. Impax Asset Management LTD now owns 263,879 shares of the company’s stock valued at $17,907,000 after buying an additional 68,379 shares during the period. Royce & Associates LP increased its stake in Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock valued at $64,477,000 after buying an additional 62,800 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Lindsay Corp. by 26.6% in the first quarter. Renaissance Technologies LLC now owns 266,700 shares of the company’s stock valued at $19,098,000 after buying an additional 56,000 shares during the period.
The firm has a market cap of $828.71 million, a price-to-earnings ratio of 93.70 and a beta of 0.82. The company’s 50 day moving average is $72.19 and its 200-day moving average is $71.22.
About Lindsay Corp.
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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