Lindsay Corporation (LNN) Expected to Post Quarterly Sales of $134.83 Million
Wall Street brokerages expect that Lindsay Corporation (NYSE:LNN) will post $134.83 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Lindsay Corporation’s earnings, with the lowest sales estimate coming in at $131.40 million and the highest estimate coming in at $138.21 million. Lindsay Corporation posted sales of $132.90 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.5%. The business is scheduled to report its next quarterly earnings report on Thursday, October 12th.
According to Zacks, analysts expect that Lindsay Corporation will report full year sales of $134.83 million for the current year, with estimates ranging from $517.45 million to $524.50 million. For the next year, analysts expect that the firm will post sales of $549.72 million per share, with estimates ranging from $544.43 million to $559.60 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Lindsay Corporation.
Lindsay Corporation (NYSE:LNN) last posted its earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $151.50 million for the quarter, compared to analyst estimates of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS.
LNN has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, May 31st. Boenning Scattergood reaffirmed a “hold” rating on shares of Lindsay Corporation in a report on Thursday, June 29th. Piper Jaffray Companies upped their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, July 3rd. Sidoti reaffirmed a “buy” rating and set a $107.00 price objective (up from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. Finally, BidaskClub downgraded shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 8th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Lindsay Corporation currently has an average rating of “Hold” and an average target price of $91.50.
Lindsay Corporation (NYSE:LNN) traded down 1.73% during trading on Friday, hitting $86.32. 65,184 shares of the company traded hands. Lindsay Corporation has a one year low of $69.11 and a one year high of $95.04. The firm has a 50 day moving average of $90.01 and a 200 day moving average of $84.58. The firm has a market cap of $922.67 million, a P/E ratio of 37.40 and a beta of 0.43.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, August 15th. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a yield of 1.39%. Lindsay Corporation’s dividend payout ratio is 50.43%.
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In other Lindsay Corporation news, insider David B. Downing sold 7,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $89.28, for a total value of $624,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rick Parod sold 77,387 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total transaction of $7,078,588.89. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in shares of Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock worth $103,000 after buying an additional 20 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Lindsay Corporation by 13.7% in the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock worth $117,000 after buying an additional 160 shares in the last quarter. Acrospire Investment Management LLC boosted its position in shares of Lindsay Corporation by 467.1% in the second quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock worth $128,000 after buying an additional 1,177 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Lindsay Corporation during the first quarter worth about $133,000. Finally, US Bancorp DE boosted its position in shares of Lindsay Corporation by 100.0% in the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock worth $159,000 after buying an additional 900 shares in the last quarter.
Lindsay Corporation Company Profile
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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