Lindsay Corporation (LNN) Rating Lowered to Hold at BidaskClub
Lindsay Corporation (NYSE:LNN) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Saturday.
LNN has been the topic of several other research reports. Piper Jaffray Companies upped their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd. Sidoti reiterated a “buy” rating and issued a $107.00 price objective (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. Zacks Investment Research lowered shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Lindsay Corporation currently has a consensus rating of “Hold” and an average target price of $91.50.
Shares of Lindsay Corporation (LNN) opened at 90.01 on Friday. Lindsay Corporation has a 1-year low of $69.11 and a 1-year high of $95.04. The firm has a 50-day moving average of $89.21 and a 200 day moving average of $84.03. The stock has a market capitalization of $962.12 million, a PE ratio of 39.00 and a beta of 0.43.
Lindsay Corporation (NYSE:LNN) last released its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The firm had revenue of $151.50 million for the quarter, compared to analyst estimates of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, equities analysts anticipate that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
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In other Lindsay Corporation news, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $89.28, for a total transaction of $624,960.00. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue raised its position in shares of Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock valued at $103,000 after buying an additional 20 shares during the period. US Bancorp DE raised its position in shares of Lindsay Corporation by 100.0% in the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock valued at $159,000 after buying an additional 900 shares during the period. Suffolk Capital Management LLC acquired a new position in shares of Lindsay Corporation during the first quarter valued at approximately $474,000. BlackRock Inc. raised its position in shares of Lindsay Corporation by 7,401.9% in the first quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock valued at $116,844,000 after buying an additional 1,308,286 shares during the period. Finally, Invictus RG acquired a new position in shares of Lindsay Corporation during the first quarter valued at approximately $290,000.
About Lindsay Corporation
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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