Lindsay Corporation Announces Quarterly Dividend of $0.30 (LNN)
Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Friday, December 8th, RTT News reports. Shareholders of record on Wednesday, February 14th will be paid a dividend of 0.30 per share by the industrial products company on Wednesday, February 28th. This represents a $1.20 annualized dividend and a yield of 1.30%.
Lindsay has raised its dividend payment by an average of 32.5% annually over the last three years and has increased its dividend every year for the last 14 years. Lindsay has a dividend payout ratio of 40.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Lindsay to earn $3.59 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 33.4%.
Shares of Lindsay (NYSE:LNN) traded down $0.20 during midday trading on Friday, reaching $92.61. 112,100 shares of the company’s stock traded hands, compared to its average volume of 81,583. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.25 and a current ratio of 3.18. Lindsay has a twelve month low of $72.85 and a twelve month high of $96.22. The firm has a market cap of $992.79, a PE ratio of 42.97, a price-to-earnings-growth ratio of 2.10 and a beta of 0.50.
Several equities analysts recently issued reports on LNN shares. Piper Jaffray Companies reiterated a “hold” rating and issued a $80.00 target price on shares of Lindsay in a research note on Sunday, September 10th. BidaskClub cut shares of Lindsay from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. TheStreet upgraded shares of Lindsay from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Stifel Nicolaus boosted their target price on shares of Lindsay from $76.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, October 13th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Lindsay in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $95.00.
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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