Lindsay Corporation (LNN) Receives $91.50 Average Price Target from Analysts
Shares of Lindsay Corporation (NYSE:LNN) have earned an average recommendation of “Hold” from the seven analysts that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $91.50.
A number of research firms have recently commented on LNN. BidaskClub downgraded shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Stifel Nicolaus set a $76.00 price objective on shares of Lindsay Corporation and gave the stock a “hold” rating in a report on Friday, August 18th. Piper Jaffray Companies set a $80.00 price objective on shares of Lindsay Corporation and gave the stock a “hold” rating in a report on Saturday, August 5th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a research report on Monday, July 31st. Finally, Sidoti reiterated a “buy” rating and set a $107.00 target price (up previously from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th.
In related news, insider Rick Parod sold 77,387 shares of the stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $91.47, for a total transaction of $7,078,588.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David B. Downing sold 7,000 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new stake in shares of Lindsay Corporation during the second quarter worth about $205,000. CS Mckee LP boosted its stake in shares of Lindsay Corporation by 0.6% in the second quarter. CS Mckee LP now owns 17,850 shares of the industrial products company’s stock worth $1,593,000 after buying an additional 100 shares during the period. State Street Corp boosted its stake in shares of Lindsay Corporation by 3.8% in the second quarter. State Street Corp now owns 269,948 shares of the industrial products company’s stock worth $24,094,000 after buying an additional 9,763 shares during the period. Flinton Capital Management LLC boosted its stake in shares of Lindsay Corporation by 72.7% in the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock worth $115,000 after buying an additional 544 shares during the period. Finally, OxFORD Asset Management LLP purchased a new stake in shares of Lindsay Corporation during the second quarter worth about $219,000. Institutional investors and hedge funds own 97.44% of the company’s stock.
Shares of Lindsay Corporation (NYSE LNN) traded up 0.89% during trading on Friday, reaching $86.57. 58,677 shares of the company’s stock were exchanged. The firm has a market capitalization of $925.35 million, a P/E ratio of 37.51 and a beta of 0.43. The company has a 50 day moving average of $89.10 and a 200 day moving average of $85.69. Lindsay Corporation has a 52-week low of $69.11 and a 52-week high of $95.04.
Lindsay Corporation (NYSE:LNN) last released its quarterly earnings data 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 the consensus estimate of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. Equities analysts anticipate that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors 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 represents a $1.20 dividend on an annualized basis and a dividend yield of 1.39%. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s dividend payout ratio (DPR) is 52.17%.
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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