Gabelli Brokers Reduce Earnings Estimates for Lindsay Corp. (LNN)
Lindsay Corp. (NYSE:LNN) – Analysts at Gabelli decreased their FY2018 EPS estimates for Lindsay Corp. in a research note issued on Friday. Gabelli analyst J. Garza now expects that the firm will post earnings of $3.70 per share for the year, down from their previous estimate of $3.80.
LNN has been the subject of several other reports. TheStreet upgraded shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Stifel Nicolaus raised their price objective on shares of Lindsay Corp. from $64.00 to $69.00 and gave the stock a “sell” rating in a research report on Friday. Finally, Zacks Investment Research downgraded shares of Lindsay Corp. from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $72.29.
Shares of Lindsay Corp. (NYSE:LNN) traded up 0.94% on Monday, hitting $78.28. The stock had a trading volume of 81,539 shares. The company has a 50 day moving average of $72.47 and a 200-day moving average of $71.21. Lindsay Corp. has a 12-month low of $62.99 and a 12-month high of $80.28. The firm has a market capitalization of $832.12 million, a P/E ratio of 94.09 and a beta of 0.82.
Lindsay Corp. (NYSE:LNN) last announced its earnings results on Thursday, October 13th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.43 by $0.30. The business had revenue of $132.90 million for the quarter, compared to the consensus estimate of $113.38 million. Lindsay Corp. had a return on equity of 11.25% and a net margin of 3.92%. Lindsay Corp.’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Aperio Group LLC boosted its position in shares of Lindsay Corp. by 0.4% in the first quarter. Aperio Group LLC now owns 11,196 shares of the company’s stock valued at $802,000 after buying an additional 48 shares in the last quarter. Teachers Advisors Inc. boosted its position in shares of Lindsay Corp. by 15.8% in the first quarter. Teachers Advisors Inc. now owns 21,040 shares of the company’s stock valued at $1,507,000 after buying an additional 2,867 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Lindsay Corp. by 1.5% in the first quarter. Prudential Financial Inc. now owns 26,776 shares of the company’s stock valued at $1,917,000 after buying an additional 400 shares in the last quarter. BlackRock Inc. boosted its position in shares of Lindsay Corp. by 265.9% in the first quarter. BlackRock Inc. now owns 16,374 shares of the company’s stock valued at $1,172,000 after buying an additional 11,899 shares in the last quarter. Finally, Mariner Wealth Advisors LLC acquired a new position in shares of Lindsay Corp. during the first quarter valued at approximately $353,000.
The firm also recently announced 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. The ex-dividend date is Monday, November 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.50%. Lindsay Corp.’s dividend payout ratio is presently 61.70%.
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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