Lindsay Corp Stock Rating Lowered by Zacks (LNN)
Lindsay Corp (NYSE: LNN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Friday. They currently have a $96.00 target price on the stock.
Zacks‘ analyst wrote, “Lindsay reported first-quarter 2013 earnings per share of $1.15, increasing 92% from the last-year quarter, led by higher demand for domestic irrigation systems, expansion in irrigation margins, strong pricing environment and fixed cost leverage on higher sales. Recovery in the U.S. construction sector and the new Highway bill will benefit Lindsay’s infrastructure business. The company’s backlog increased 61% year over year led by the U.S. irrigation order strength. Demand for irrigation systems in the domestic markets will remain high in 2013, driven by high crop prices and drought conditions. However, this might not continue in the future. International sales were weak in the quarter and will remain so due to the ongoing instability in the international markets. We have downgraded our recommendation from Outperform to Neutral with a target price of $96.00.”
Shares of Lindsay Corp (NYSE: LNN) traded up 1.77% during mid-day trading on Friday, hitting $93.50. Lindsay Corp has a one year low of $52.68 and a one year high of $94.90. The stock’s 50-day moving average is currently $89.15. The company has a market cap of $1.201 billion and a P/E ratio of 21.38.
Lindsay Corp (NYSE: LNN) last announced its earnings results on Tuesday, January 8th. The company reported $1.15 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.75 by $0.40. The company had revenue of $147.40 million for the quarter, compared to the consensus estimate of $131.98 million. During the same quarter last year, the company posted $0.60 earnings per share. Lindsay Corp’s revenue was up 23.7% compared to the same quarter last year. On average, analysts predict that Lindsay Corp will post $4.85 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on LNN. Analysts at Monness Crespi & Hardt raised their price target on shares of Lindsay Corp from $95.00 to $100.00 in a research note to investors on Monday, February 11th. They now have a “buy” rating on the stock.
Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $83.75.
Lindsay Corporation (NYSE: LNN) is a designer and manufacturer of self-propelled center pivot and lateral move irrigation systems, which are used in the agricultural industry to increase or stabilize crop production, while conserving water, energy, and labor.
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