Lindsay Corporation (LNN) Receives $91.50 Consensus PT from Analysts
Shares of Lindsay Corporation (NYSE:LNN) have been given a consensus recommendation of “Hold” by the seven analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $91.50.
LNN has been the subject of several recent analyst reports. BidaskClub downgraded shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Piper Jaffray Companies set a $80.00 price objective on shares of Lindsay Corporation and gave the stock a “hold” rating in a report on Saturday, August 5th. Zacks Investment Research downgraded shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Sidoti reaffirmed a “buy” rating and set a $107.00 price objective (up from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. Finally, Stifel Nicolaus set a $76.00 price objective on shares of Lindsay Corporation and gave the stock a “hold” rating in a report on Friday, August 18th.
Lindsay Corporation (NYSE LNN) traded down 0.85% during trading on Wednesday, hitting $90.50. 67,166 shares of the company traded hands. The firm has a 50 day moving average of $87.44 and a 200 day moving average of $86.44. The firm has a market cap of $967.35 million, a P/E ratio of 39.21 and a beta of 0.46. Lindsay Corporation has a one year low of $69.11 and a one year high of $95.04.
Lindsay Corporation (NYSE:LNN) last posted its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The company had revenue of $151.50 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $0.90 earnings per share. On average, analysts expect that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were issued a dividend of $0.30 per share. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Tuesday, August 15th. Lindsay Corporation’s dividend payout ratio is currently 52.17%.
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In related news, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total transaction of $7,078,588.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction 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 owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in LNN. Flinton Capital Management LLC raised its stake in shares of Lindsay Corporation by 72.7% in the 2nd quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after buying an additional 544 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Lindsay Corporation by 13.7% in the 1st quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after buying an additional 160 shares in the last quarter. Acrospire Investment Management LLC raised its stake in shares of Lindsay Corporation by 467.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $128,000 after buying an additional 1,177 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Lindsay Corporation in the 1st quarter valued at $133,000. Finally, US Bancorp DE raised its stake in shares of Lindsay Corporation by 100.0% in the 1st 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 in the last quarter. Hedge funds and other institutional investors own 97.44% of the company’s stock.
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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