Lindsay Corporation Declares Quarterly Dividend of $0.30 (LNN)

Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Thursday, October 12th, RTT News reports. Stockholders of record on Thursday, November 16th will be given a dividend of 0.30 per share by the industrial products company on Thursday, November 30th. This represents a $1.20 annualized dividend and a dividend yield of 1.36%.

Lindsay Corporation has increased its dividend payment by an average of 32.5% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Lindsay Corporation has a dividend payout ratio of 53.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Lindsay Corporation to earn $3.06 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 39.2%.

Shares of Lindsay Corporation (NYSE:LNN) opened at 88.38 on Friday. The company has a market capitalization of $944.69 million, a price-to-earnings ratio of 38.29 and a beta of 0.44. Lindsay Corporation has a 1-year low of $72.85 and a 1-year high of $95.04. The stock’s 50 day moving average price is $89.02 and its 200 day moving average price is $87.70.

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LNN has been the subject of several recent research reports. BidaskClub cut shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Boenning Scattergood reissued a “hold” rating on shares of Lindsay Corporation in a report on Thursday, June 29th. Zacks Investment Research raised shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a report on Monday, July 31st. Piper Jaffray Companies set a $80.00 price target on shares of Lindsay Corporation and gave the company a “hold” rating in a report on Saturday, August 5th. Finally, 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $91.50.

In other news, insider Rick Parod sold 77,387 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by insiders.

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.

Dividend History for Lindsay Corporation (NYSE:LNN)

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