Lindsay Corp. (LNN) Price Target Raised to $69.00 at Stifel Nicolaus
Lindsay Corp. (NYSE:LNN) had its price target hoisted by research analysts at Stifel Nicolaus from $64.00 to $69.00 in a research note issued to investors on Friday. The brokerage presently has a “sell” rating on the stock. Stifel Nicolaus’ target price points to a potential downside of 10.31% from the stock’s previous close.
Several other research firms have also commented on LNN. Zacks Investment Research lowered shares of Lindsay Corp. from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 8th. TheStreet downgraded shares of Lindsay Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $72.29.
Shares of Lindsay Corp. (NYSE:LNN) opened at 76.93 on Friday. The stock has a market cap of $817.77 million, a PE ratio of 92.46 and a beta of 0.82. The stock’s 50 day moving average is $72.26 and its 200 day moving average is $71.26. Lindsay Corp. has a 52-week low of $62.99 and a 52-week high of $80.28.
Lindsay Corp. (NYSE:LNN) last issued its earnings results on Thursday, October 13th. The company reported $0.73 earnings per share for the quarter, topping 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 earned $132.90 million during the quarter, compared to analyst estimates of $113.38 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. Lindsay Corp.’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts forecast that Lindsay Corp. will post $1.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Monday, November 14th. Lindsay Corp.’s dividend payout ratio (DPR) is 133.33%.
A number of hedge funds and other institutional investors have recently bought and sold shares of LNN. Royce & Associates LP increased its position in Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock worth $64,477,000 after buying an additional 62,800 shares during the period. Renaissance Technologies LLC increased its position in Lindsay Corp. by 26.6% in the first quarter. Renaissance Technologies LLC now owns 266,700 shares of the company’s stock worth $19,098,000 after buying an additional 56,000 shares during the period. Impax Asset Management LTD increased its position in Lindsay Corp. by 35.0% in the second quarter. Impax Asset Management LTD now owns 263,879 shares of the company’s stock worth $17,907,000 after buying an additional 68,379 shares during the period. John G Ullman & Associates Inc. increased its position in Lindsay Corp. by 7.9% in the second quarter. John G Ullman & Associates Inc. now owns 168,757 shares of the company’s stock worth $11,452,000 after buying an additional 12,375 shares during the period. Finally, Stephens Investment Management Group LLC acquired a new position in Lindsay Corp. during the second quarter worth approximately $7,970,000.
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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