Lindsay Corp. (LNN) Shares Up 2.1% After Strong Earnings
Lindsay Corp. (NYSE:LNN) shot up 2.1% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $79.23 and last traded at $78.56, with a volume of 120,603 shares changing hands. The stock had previously closed at $76.93.
The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.30. The business had revenue of $132.90 million for the quarter, compared to analyst estimates of $113.38 million. Lindsay Corp. had a net margin of 1.83% and a return on equity of 9.74%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Monday, November 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.51%. Lindsay Corp.’s dividend payout ratio (DPR) is presently 133.33%.
Several research firms recently weighed in on LNN. TheStreet lowered shares of Lindsay Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Zacks Investment Research lowered shares of Lindsay Corp. from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 8th. Finally, Stifel Nicolaus increased their price objective on shares of Lindsay Corp. from $64.00 to $69.00 and gave the stock a “sell” rating in a research note on Friday. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $72.29.
Large investors have recently made changes to their positions in the stock. CHICAGO TRUST Co NA purchased a new stake in shares of Lindsay Corp. during the third quarter valued at approximately $274,000. Fenimore Asset Management Inc. raised its stake in shares of Lindsay Corp. by 4.4% in the third quarter. Fenimore Asset Management Inc. now owns 111,190 shares of the company’s stock valued at $8,226,000 after buying an additional 4,725 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in shares of Lindsay Corp. during the second quarter valued at approximately $143,000. Schwab Charles Investment Management Inc. raised its stake in shares of Lindsay Corp. by 4.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 54,326 shares of the company’s stock valued at $3,687,000 after buying an additional 2,190 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Lindsay Corp. by 3.0% in the second quarter. Legal & General Group Plc now owns 2,911 shares of the company’s stock valued at $205,000 after buying an additional 84 shares during the last quarter.
The stock has a market cap of $835.25 million, a P/E ratio of 94.441 and a beta of 0.82. The company’s 50 day moving average is $72.26 and its 200 day moving average is $71.26.
Lindsay Corp. Company Profile
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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