Lindsay Corp. (LNN) Reaches New 12-Month High After Strong Earnings
Lindsay Corp. (NYSE:LNN)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $80.28 and last traded at $77.37, with a volume of 415,332 shares trading hands. The stock had previously closed at $69.30.
The company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate 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 had revenue of $132.90 million for the quarter, compared to analysts’ expectations of $113.38 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Monday, November 14th. Lindsay Corp.’s payout ratio is 133.33%.
A number of equities research analysts have recently commented on LNN shares. TheStreet upgraded shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 1st. Zacks Investment Research cut shares of Lindsay Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $71.57.
Several hedge funds and other institutional investors have recently modified their holdings of LNN. Royce & Associates LP boosted its position in shares of Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock valued at $64,477,000 after buying an additional 62,800 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Lindsay Corp. by 26.6% in the first quarter. Renaissance Technologies LLC now owns 266,700 shares of the company’s stock valued at $19,098,000 after buying an additional 56,000 shares in the last quarter. Impax Asset Management LTD boosted its position in shares of Lindsay Corp. by 35.0% in the second quarter. Impax Asset Management LTD now owns 263,879 shares of the company’s stock valued at $17,907,000 after buying an additional 68,379 shares in the last quarter. John G Ullman & Associates Inc. boosted its position in shares of Lindsay Corp. by 7.9% in the second quarter. John G Ullman & Associates Inc. now owns 168,757 shares of the company’s stock valued at $11,452,000 after buying an additional 12,375 shares in the last quarter. Finally, Stephens Investment Management Group LLC acquired a new position in shares of Lindsay Corp. during the second quarter valued at $7,970,000.
The firm has a 50-day moving average of $72.19 and a 200 day moving average of $71.22. The firm has a market cap of $828.71 million, a price-to-earnings ratio of 93.70 and a beta of 0.82.
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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