Lindsay Corp. (LNN) Lifted to “Hold” at Stifel Nicolaus
Lindsay Corp. (NYSE:LNN) was upgraded by analysts at Stifel Nicolaus from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, The Fly reports.
A number of other equities analysts have also recently issued reports on LNN. Zacks Investment Research upgraded shares of Lindsay Corp. from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research note on Tuesday, November 8th. Piper Jaffray Cos. raised Lindsay Corp. from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $67.00 to $77.00 in a research report on Monday. Finally, TheStreet lowered Lindsay Corp. from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Lindsay Corp. currently has an average rating of “Hold” and a consensus target price of $75.71.
Lindsay Corp. (NYSE:LNN) opened at 84.28 on Thursday. Lindsay Corp. has a 52-week low of $62.99 and a 52-week high of $85.68. The company has a market capitalization of $895.90 million, a price-to-earnings ratio of 45.56 and a beta of 0.79. The stock has a 50 day moving average of $77.69 and a 200-day moving average of $72.55.
Lindsay Corp. (NYSE:LNN) last announced its quarterly earnings results on Thursday, October 13th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.30. The company had revenue of $132.90 million for the quarter, compared to analysts’ expectations of $113.38 million. Lindsay Corp. had a net margin of 3.92% and a return on equity of 11.25%. Lindsay Corp.’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. On average, equities research analysts anticipate that Lindsay Corp. will post $2.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Monday, November 14th. Lindsay Corp.’s payout ratio is currently 61.70%.
Several large investors have recently added to or reduced their stakes in LNN. Royce & Associates LP raised its stake in Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock valued at $64,477,000 after buying an additional 62,800 shares during the last quarter. Neuberger Berman Group LLC raised its stake in Lindsay Corp. by 4.9% in the third quarter. Neuberger Berman Group LLC now owns 830,731 shares of the company’s stock valued at $61,457,000 after buying an additional 38,650 shares during the last quarter. BlackRock Fund Advisors raised its stake in Lindsay Corp. by 5.8% in the third quarter. BlackRock Fund Advisors now owns 739,857 shares of the company’s stock valued at $54,735,000 after buying an additional 40,251 shares during the last quarter. Nuance Investments LLC raised its stake in Lindsay Corp. by 30.6% in the third quarter. Nuance Investments LLC now owns 319,255 shares of the company’s stock valued at $23,618,000 after buying an additional 74,756 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Lindsay Corp. by 0.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 272,445 shares of the company’s stock valued at $20,155,000 after buying an additional 793 shares during the last quarter.
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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