Lindsay Corp. (LNN) Upgraded by Piper Jaffray Cos. to “Neutral”
Piper Jaffray Cos. upgraded shares of Lindsay Corp. (NYSE:LNN) from an underweight rating to a neutral rating in a report published on Monday. Piper Jaffray Cos. currently has $77.00 price target on the stock, up from their previous price target of $67.00.
Several other research firms have also commented on LNN. Zacks Investment Research raised shares of Lindsay Corp. from a hold rating to a buy rating and set a $87.00 price objective on the stock in a research note on Tuesday, November 8th. Stifel Nicolaus boosted 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, October 14th. Finally, TheStreet lowered shares of Lindsay Corp. from a buy rating to a hold rating in a research note on Monday, August 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $75.71.
Shares of Lindsay Corp. (NYSE:LNN) opened at 83.56 on Monday. The stock has a market cap of $888.24 million, a price-to-earnings ratio of 45.17 and a beta of 0.79. The stock’s 50 day moving average is $77.69 and its 200 day moving average is $72.55. Lindsay Corp. has a 52 week low of $62.99 and a 52 week high of $85.09.
Lindsay Corp. (NYSE:LNN) last announced its earnings results on Thursday, October 13th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.30. The firm had revenue of $132.90 million for the quarter, compared to analyst estimates of $113.38 million. Lindsay Corp. had a net margin of 3.92% and a return on equity of 11.25%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 EPS. On average, equities analysts forecast that Lindsay Corp. will post $2.75 EPS for the current year.
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The business also recently disclosed 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 of this dividend is Monday, November 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.39%. Lindsay Corp.’s payout ratio is 61.70%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas boosted its position in Lindsay Corp. by 13.3% in the second quarter. Teacher Retirement System of Texas now owns 1,584 shares of the company’s stock valued at $107,000 after buying an additional 186 shares during the last quarter. Impax Asset Management LTD boosted its stake 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 worth $17,907,000 after buying an additional 68,379 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Lindsay Corp. by 10.7% in the second quarter. Schroder Investment Management Group now owns 74,983 shares of the company’s stock worth $5,088,000 after buying an additional 7,255 shares in the last quarter. Royce & Associates LP boosted its stake 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 worth $64,477,000 after buying an additional 62,800 shares in the last quarter. Finally, Stephens Investment Management Group LLC acquired a new stake in shares of 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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