Lindsay Corporation Plans Quarterly Dividend of $0.30 (LNN)
Lindsay Corporation (NYSE:LNN) declared a quarterly dividend on Friday, December 8th, RTT News reports. Shareholders of record on Wednesday, February 14th will be paid a dividend of 0.30 per share by the industrial products company on Wednesday, February 28th. This represents a $1.20 dividend on an annualized basis and a yield of 1.31%.
Lindsay has raised its dividend payment by an average of 32.5% annually over the last three years and has increased its dividend every year for the last 14 years. Lindsay has a dividend payout ratio of 40.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lindsay to earn $3.59 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 33.4%.
Shares of Lindsay (NYSE LNN) traded down $0.82 during mid-day trading on Friday, reaching $91.79. The company’s stock had a trading volume of 91,840 shares, compared to its average volume of 75,343. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.25 and a current ratio of 3.18. Lindsay has a 12 month low of $72.85 and a 12 month high of $96.22. The firm has a market capitalization of $981.88, a P/E ratio of 42.88, a P/E/G ratio of 2.09 and a beta of 0.50.
Lindsay (NYSE:LNN) last issued its earnings results on Thursday, October 12th. The industrial products company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.18. Lindsay had a return on equity of 8.95% and a net margin of 4.47%. The company had revenue of $131.94 million during the quarter, compared to the consensus estimate of $134.83 million. analysts anticipate that Lindsay will post 2.95 earnings per share for the current fiscal year.
A number of brokerages have commented on LNN. TheStreet upgraded Lindsay from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Boenning Scattergood reaffirmed a “hold” rating on shares of Lindsay in a report on Thursday, October 12th. Stifel Nicolaus lifted their price target on Lindsay from $76.00 to $90.00 and gave the company a “hold” rating in a report on Friday, October 13th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $80.00 price target on shares of Lindsay in a report on Sunday, September 10th. Finally, BidaskClub cut Lindsay from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $95.00.
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Lindsay Company Profile
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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