Analysts predict that Lindsay Corporation (NYSE:LNN) will announce sales of $144.81 million for the current quarter, according to Zacks. Four analysts have made estimates for Lindsay Corporation’s earnings. The lowest sales estimate is $143.50 million and the highest is $148.40 million. Lindsay Corporation posted sales of $141.32 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.5%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, June 29th.
According to Zacks, analysts expect that Lindsay Corporation will report full-year sales of $144.81 million for the current financial year, with estimates ranging from $507.50 million to $521.70 million. For the next financial year, analysts anticipate that the company will post sales of $542.78 million per share, with estimates ranging from $521.74 million to $552.60 million. Zacks’ sales averages are an average based on a survey of research firms that cover Lindsay Corporation.
Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings data on Thursday, March 30th. The industrial products company reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.07. Lindsay Corporation had a return on equity of 9.35% and a net margin of 4.59%. The company had revenue of $124.10 million during the quarter, compared to analysts’ expectations of $119.12 million. During the same quarter in the previous year, the business earned ($0.37) earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis.
Several brokerages have weighed in on LNN. Stifel Nicolaus reaffirmed a “hold” rating and set a $76.00 target price (up previously from $75.00) on shares of Lindsay Corporation in a research note on Sunday, April 2nd. Zacks Investment Research cut Lindsay Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, May 31st. Finally, TheStreet upgraded Lindsay Corporation from a “c” rating to a “b” rating in a report on Thursday, March 30th.
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In related news, insider David B. Downing sold 5,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $87.33, for a total transaction of $436,650.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rick Parod sold 40,241 shares of the business’s stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $85.58, for a total value of $3,443,824.78. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in Lindsay Corporation during the first quarter valued at $1,207,000. State Street Corp increased its position in shares of Lindsay Corporation by 8.3% in the first quarter. State Street Corp now owns 260,185 shares of the industrial products company’s stock valued at $22,929,000 after buying an additional 19,885 shares during the last quarter. Bank of America Corp DE increased its position in shares of Lindsay Corporation by 69.7% in the first quarter. Bank of America Corp DE now owns 17,129 shares of the industrial products company’s stock valued at $1,509,000 after buying an additional 7,034 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Lindsay Corporation during the first quarter valued at approximately $264,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Lindsay Corporation by 12.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 70,198 shares of the industrial products company’s stock valued at $6,186,000 after buying an additional 7,624 shares during the last quarter.
Lindsay Corporation (NYSE:LNN) traded up 1.66% during midday trading on Friday, hitting $88.04. The stock had a trading volume of 133,855 shares. Lindsay Corporation has a one year low of $65.80 and a one year high of $89.98. The stock has a 50-day moving average price of $85.66 and a 200 day moving average price of $81.97. The firm has a market cap of $938.68 million, a PE ratio of 40.37 and a beta of 0.53.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Wednesday, May 17th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, May 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.32%. Lindsay Corporation’s dividend payout ratio is presently 53.21%.
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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