Lindsay Corporation (LNN) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Lindsay Corporation (NYSE:LNN) from a buy rating to a hold rating in a research note published on Friday.
According to Zacks, “Lindsay is poised to gain from expansion of its solutions offering and improvement of the global cost structure. Further, stabilization in the U.S. irrigation equipment market, a consistent recovery in Brazil and increased project activity in developing international markets will fuel growth. Irrigation operating margin performance in the U.S. will likely benefit from the strength and growth of technology products. Thus, investments in product development and acquisitions remain tailwinds. Moreover, the stock has outperformed the industry over the past six months. However, Lindsay’s results will be affected by reduced capital expenditure, lower infrastructure order backlog, challenging political and economic condition and currency headwinds.”
Other equities analysts have also issued reports about the stock. TheStreet raised shares of Lindsay Corporation from a c rating to a b rating in a research report on Thursday, March 30th. Sidoti reissued a buy rating and set a $107.00 price target (up from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. BidaskClub lowered shares of Lindsay Corporation from a strong-buy rating to a buy rating in a research report on Saturday, July 8th. Piper Jaffray Companies raised their price target on shares of Lindsay Corporation from $77.00 to $80.00 and gave the stock a neutral rating in a research report on Monday, July 3rd. Finally, Stifel Nicolaus reissued a hold rating and set a $76.00 price target (up from $75.00) on shares of Lindsay Corporation in a research report on Sunday, April 2nd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Lindsay Corporation currently has an average rating of Buy and a consensus target price of $91.50.
Lindsay Corporation (NYSE LNN) traded down 0.49% on Friday, hitting $91.22. 19,888 shares of the stock traded hands. Lindsay Corporation has a 12 month low of $69.11 and a 12 month high of $95.04. The company has a market capitalization of $975.05 million, a PE ratio of 39.52 and a beta of 0.43. The firm has a 50-day moving average price of $89.06 and a 200-day moving average price of $83.91.
Lindsay Corporation (NYSE:LNN) last released its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. The company had revenue of $151.50 million during the quarter, compared to analysts’ expectations of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. Lindsay Corporation’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. Analysts forecast that Lindsay Corporation will post $2.23 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 15th. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a yield of 1.31%. Lindsay Corporation’s dividend payout ratio (DPR) is currently 50.43%.
In other news, insider David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $89.28, for a total transaction of $624,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction that occurred 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. Company insiders own 3.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Texas Permanent School Fund raised its position in Lindsay Corporation by 0.8% in the second quarter. Texas Permanent School Fund now owns 7,761 shares of the industrial products company’s stock valued at $693,000 after buying an additional 65 shares during the period. Cardinal Capital Management raised its position in Lindsay Corporation by 15.6% in the second quarter. Cardinal Capital Management now owns 6,698 shares of the industrial products company’s stock valued at $598,000 after buying an additional 905 shares during the period. SG Capital Management LLC purchased a new position in Lindsay Corporation during the second quarter valued at $1,036,000. Great West Life Assurance Co. Can raised its position in Lindsay Corporation by 4.0% in the second quarter. Great West Life Assurance Co. Can now owns 15,658 shares of the industrial products company’s stock valued at $1,398,000 after buying an additional 599 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its position in Lindsay Corporation by 41.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 3,390 shares of the industrial products company’s stock valued at $303,000 after buying an additional 1,000 shares during the period.
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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