Lindsay Corp. (LNN) Announces Earnings Results
Lindsay Corp. (NYSE:LNN) released its earnings results on Thursday. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.30. Lindsay Corp. had a net margin of 1.83% and a return on equity of 9.74%. The firm earned $132.90 million during the quarter, compared to analyst estimates of $63.67 million.
Shares of Lindsay Corp. (NYSE:LNN) opened at 69.30 on Thursday. Lindsay Corp. has a 52-week low of $62.99 and a 52-week high of $79.27. The company has a market capitalization of $736.66 million, a PE ratio of 83.29 and a beta of 0.82. The company has a 50-day moving average of $72.19 and a 200 day moving average of $71.22.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be given a $0.29 dividend. The ex-dividend date is Monday, November 14th. This represents a $1.16 annualized dividend and a yield of 1.67%. Lindsay Corp.’s dividend payout ratio is currently 133.33%.
A number of analysts have commented on LNN shares. TheStreet raised shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 1st. Zacks Investment Research lowered shares of Lindsay Corp. from a “hold” rating to a “strong sell” rating in a report on Thursday, September 8th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Lindsay Corp. presently has a consensus rating of “Hold” and a consensus price target of $71.57.
A number of institutional investors have recently modified their holdings of LNN. BlackRock Advisors LLC increased its position in shares of Lindsay Corp. by 0.6% in the second quarter. BlackRock Advisors LLC now owns 5,254 shares of the company’s stock valued at $357,000 after buying an additional 30 shares during the last quarter. Profund Advisors LLC increased its position in shares of Lindsay Corp. by 5.9% in the second quarter. Profund Advisors LLC now owns 3,152 shares of the company’s stock valued at $214,000 after buying an additional 176 shares during the last quarter. Teachers Advisors Inc. increased its position in Lindsay Corp. by 2.3% in the second quarter. Teachers Advisors Inc. now owns 21,531 shares of the company’s stock valued at $1,461,000 after buying an additional 491 shares during the last quarter. BlackRock Investment Management LLC increased its position in Lindsay Corp. by 2.3% in the second quarter. BlackRock Investment Management LLC now owns 45,899 shares of the company’s stock valued at $3,115,000 after buying an additional 1,053 shares during the last quarter. Finally, BlackRock Inc. increased its position in Lindsay Corp. by 9.9% in the second quarter. BlackRock Inc. now owns 17,987 shares of the company’s stock valued at $1,221,000 after buying an additional 1,613 shares during the last quarter.
About Lindsay Corp.
Lindsay Corporation provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. Its Irrigation Segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems, which are used principally in the agricultural industry.
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