Shares of Lindsay Corporation (NYSE:LNN) have been given a consensus recommendation of “Hold” by the seven brokerages that are covering the firm. Seven analysts have rated the stock with a hold rating. The average 1-year price target among brokers that have covered the stock in the last year is $74.50.
LNN has been the topic of several recent research reports. Zacks Investment Research downgraded Lindsay Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, December 13th. Stifel Nicolaus upgraded Lindsay Corporation from a “sell” rating to a “hold” rating and increased their target price for the company from $69.00 to $85.00 in a research note on Thursday, December 1st. Finally, Piper Jaffray Companies upgraded Lindsay Corporation from an “underweight” rating to a “neutral” rating and increased their target price for the company from $67.00 to $77.00 in a research note on Monday, November 28th.
Shares of Lindsay Corporation (NYSE:LNN) opened at 76.27 on Thursday. The firm has a 50 day moving average price of $75.48 and a 200 day moving average price of $75.87. The company has a market capitalization of $812.50 million, a price-to-earnings ratio of 58.40 and a beta of 0.74. Lindsay Corporation has a 52 week low of $65.78 and a 52 week high of $89.98.
Lindsay Corporation (NYSE:LNN) last posted its quarterly earnings results on Wednesday, December 21st. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.53. The company earned $110.40 million during the quarter. Lindsay Corporation had a return on equity of 9.19% and a net margin of 2.81%. The firm’s revenue was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.62 EPS. Equities analysts forecast that Lindsay Corporation will post $2.10 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 28th. Stockholders of record on Tuesday, February 14th will be paid a $0.29 dividend. The ex-dividend date is Friday, February 10th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.52%. Lindsay Corporation’s dividend payout ratio (DPR) is currently 86.57%.
Several institutional investors have recently added to or reduced their stakes in LNN. BlackRock Fund Advisors increased its position in Lindsay Corporation by 5.8% in the third quarter. BlackRock Fund Advisors now owns 739,857 shares of the company’s stock worth $54,735,000 after buying an additional 40,251 shares during the period. American Capital Management Inc. purchased a new position in Lindsay Corporation during the third quarter worth about $2,226,000. Neuberger Berman Group LLC increased its position in Lindsay Corporation by 4.9% in the third quarter. Neuberger Berman Group LLC now owns 830,731 shares of the company’s stock worth $61,457,000 after buying an additional 38,650 shares during the period. ProShare Advisors LLC increased its position in Lindsay Corporation by 44.6% in the third quarter. ProShare Advisors LLC now owns 39,405 shares of the company’s stock worth $2,915,000 after buying an additional 12,152 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Lindsay Corporation by 0.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,976 shares of the company’s stock worth $2,144,000 after buying an additional 245 shares during the period.
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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