Zacks Investment Research upgraded shares of Lindsay Corporation (NYSE:LNN) from a hold rating to a buy rating in a report issued on Wednesday, July 12th. Zacks Investment Research currently has $101.00 target price 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.”
A number of other research firms have also commented on LNN. BidaskClub lowered shares of Lindsay Corporation from a strong-buy rating to a buy rating in a report on Saturday, July 8th. Piper Jaffray Companies boosted their price target 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. Sidoti reissued a buy rating and issued a $107.00 price target (up previously from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. TheStreet raised shares of Lindsay Corporation from a c rating to a b rating in a report on Thursday, March 30th. Finally, Stifel Nicolaus reissued a hold rating and issued a $76.00 price target (up previously from $75.00) on shares of Lindsay Corporation in a report on Sunday, April 2nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $91.50.
Lindsay Corporation (LNN) opened at 86.32 on Wednesday. Lindsay Corporation has a 52 week low of $69.11 and a 52 week high of $95.04. The firm’s 50-day moving average price is $90.04 and its 200-day moving average price is $84.66. The company has a market capitalization of $922.67 million, a price-to-earnings ratio of 37.40 and a beta of 0.43.
Lindsay Corporation (NYSE:LNN) last released its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The firm had revenue of $151.50 million during the quarter, compared to analyst estimates of $145.30 million. During the same quarter in the previous year, the business earned $0.90 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts expect that Lindsay Corporation will post $2.23 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be given a $0.30 dividend. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Tuesday, August 15th. Lindsay Corporation’s payout ratio is currently 50.43%.
In other Lindsay Corporation news, insider Rick Parod sold 77,387 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $91.47, for a total transaction of $7,078,588.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider David B. Downing sold 7,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was 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. Insiders own 3.10% of the company’s stock.
Several large investors have recently modified their holdings of LNN. BlackRock Inc. boosted its stake in shares of Lindsay Corporation by 7,401.9% in the first quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock worth $116,844,000 after buying an additional 1,308,286 shares during the last quarter. Heartland Advisors Inc. purchased a new stake in shares of Lindsay Corporation during the first quarter worth about $9,551,000. Parametric Portfolio Associates LLC boosted its stake in shares of Lindsay Corporation by 367.3% in the first quarter. Parametric Portfolio Associates LLC now owns 77,620 shares of the industrial products company’s stock worth $6,840,000 after buying an additional 61,011 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Lindsay Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 992,657 shares of the industrial products company’s stock worth $87,472,000 after buying an additional 51,592 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in shares of Lindsay Corporation by 28.6% in the first quarter. King Luther Capital Management Corp now owns 107,260 shares of the industrial products company’s stock worth $9,452,000 after buying an additional 23,870 shares during the last quarter.
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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