Zacks Investment Research upgraded shares of Lindsay Corporation (NYSE:LNN) from a hold rating to a buy rating in a report published on Wednesday. The firm currently has $101.00 price target on the industrial products company’s stock.
According to Zacks, “Lindsay is poised to gain from its initiatives to strengthen market position, expansion of its solutions offering and improvement of the global cost structure. Further, stabilization in the U.S. irrigation equipment market, a consistent recovery in Brazil and increased project activity in developing international markets will fuel growth. Irrigation operating margin performance in the U.S. will likely benefit from the strength and growth of technology products. Thus, investments in product development and acquisitions remain tailwinds. The company has a positive record of earnings surprises in recent quarters. Moreover, the stock has outperformed the Zacks categorized Machinery-Farm industry, over the past six months.”
Several other brokerages have also issued reports on LNN. Boenning Scattergood reissued a hold rating on shares of Lindsay Corporation in a report on Thursday, June 29th. Sidoti reissued 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. Stifel Nicolaus reissued a hold rating and set a $76.00 price objective (up from $75.00) on shares of Lindsay Corporation in a report on Sunday, April 2nd. BidaskClub lowered shares of Lindsay Corporation from a strong-buy rating to a buy rating in a report on Saturday, July 8th. Finally, Piper Jaffray Companies lifted their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the company a neutral rating in a report on Monday, July 3rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $91.00.
Lindsay Corporation (NYSE:LNN) traded down 0.42% during mid-day trading on Wednesday, hitting $90.52. The company had a trading volume of 60,181 shares. The firm has a market capitalization of $967.57 million, a PE ratio of 39.22 and a beta of 0.43. Lindsay Corporation has a 1-year low of $66.99 and a 1-year high of $92.74. The company has a 50 day moving average of $85.60 and a 200 day moving average of $82.00.
Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The company 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%. Lindsay Corporation’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. Analysts predict 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 David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $89.28, for a total value of $624,960.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.10% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in Lindsay Corporation by 79.1% in the second quarter. State of Alaska Department of Revenue now owns 2,095 shares of the industrial products company’s stock valued at $186,000 after buying an additional 925 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Lindsay Corporation during the first quarter valued at about $1,207,000. State Street Corp raised its position in 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 in the last quarter. Bank of America Corp DE raised its position in 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 in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in Lindsay Corporation during the first quarter valued at about $264,000.
Lindsay Corporation 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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