Lindsay Corp. (LNN) Raised to Neutral at Piper Jaffray Cos.
Piper Jaffray Cos. upgraded shares of Lindsay Corp. (NYSE:LNN) from an underweight rating to a neutral rating in a report released on Monday morning. The firm currently has $77.00 price objective on the stock, up from their previous price objective of $67.00.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research raised Lindsay Corp. from a hold rating to a buy rating and set a $87.00 target price on the stock in a research report on Tuesday, November 8th. Stifel Nicolaus raised their target price on Lindsay Corp. from $64.00 to $69.00 and gave the stock a sell rating in a research report on Friday, October 14th. Finally, TheStreet lowered Lindsay Corp. from a buy rating to a hold rating in a research report on Monday, August 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Lindsay Corp. currently has an average rating of Hold and a consensus price target of $75.71.
Shares of Lindsay Corp. (NYSE:LNN) opened at 84.28 on Monday. The stock has a market cap of $895.90 million, a price-to-earnings ratio of 45.56 and a beta of 0.79. The firm has a 50-day moving average price of $78.01 and a 200 day moving average price of $72.64. Lindsay Corp. has a 52-week low of $62.99 and a 52-week high of $85.68.
Lindsay Corp. (NYSE:LNN) last issued its earnings results on Thursday, October 13th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.30. Lindsay Corp. had a return on equity of 11.25% and a net margin of 3.92%. The business had revenue of $132.90 million for the quarter, compared to analyst estimates of $113.38 million. During the same quarter last year, the company earned $0.42 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. Analysts expect that Lindsay Corp. will post $2.75 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.38%. The ex-dividend date was Monday, November 14th. Lindsay Corp.’s dividend payout ratio (DPR) is 61.70%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LNN. BNP Paribas Arbitrage SA increased its position in shares of Lindsay Corp. by 60.3% in the second quarter. BNP Paribas Arbitrage SA now owns 5,268 shares of the company’s stock valued at $357,000 after buying an additional 1,981 shares during the period. Capstone Asset Management Co. increased its position in shares of Lindsay Corp. by 2.7% in the second quarter. Capstone Asset Management Co. now owns 3,868 shares of the company’s stock valued at $262,000 after buying an additional 100 shares during the period. Fenimore Asset Management Inc. increased its position in shares of 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. John G Ullman & Associates Inc. increased its position in shares of Lindsay Corp. by 7.9% in the second quarter. John G Ullman & Associates Inc. now owns 168,757 shares of the company’s stock valued at $11,452,000 after buying an additional 12,375 shares during the period. Finally, First Midwest Bank Trust Division increased its position in shares of Lindsay Corp. by 45.1% in the second quarter. First Midwest Bank Trust Division now owns 4,091 shares of the company’s stock valued at $278,000 after buying an additional 1,272 shares during the period.
Lindsay Corp. Company Profile
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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