Piper Jaffray Cos. Upgrades Lindsay Corp. (LNN) to “Neutral”
Lindsay Corp. (NYSE:LNN) was upgraded by investment analysts at Piper Jaffray Cos. from an “underweight” rating to a “neutral” rating in a report released on Monday. The firm currently has a $77.00 price objective on the stock, up from their prior price objective of $67.00. Piper Jaffray Cos.’s target price points to a potential downside of 7.21% from the stock’s current price.
A number of other research analysts have also recently commented on LNN. Zacks Investment Research raised Lindsay Corp. from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Tuesday, November 8th. TheStreet cut Lindsay Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Finally, Stifel Nicolaus boosted their price target on Lindsay Corp. from $64.00 to $69.00 and gave the stock a “sell” rating in a report on Friday, October 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $75.71.
Shares of Lindsay Corp. (NYSE:LNN) opened at 82.98 on Monday. Lindsay Corp. has a one year low of $62.99 and a one year high of $85.09. The stock has a market capitalization of $882.08 million, a P/E ratio of 44.85 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 posted its quarterly earnings results on Thursday, October 13th. The company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.30. Lindsay Corp. had a return on equity of 11.25% and a net margin of 3.92%. The company had revenue of $132.90 million for the quarter, compared to analysts’ expectations of $113.38 million. During the same period in the previous year, the firm earned $0.42 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. Equities analysts forecast that Lindsay Corp. will post $2.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, November 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.40%. Lindsay Corp.’s dividend payout ratio (DPR) is 61.70%.
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Hedge funds have recently modified their holdings of the company. Teacher Retirement System of Texas boosted its stake in shares of Lindsay Corp. by 13.3% in the second quarter. Teacher Retirement System of Texas now owns 1,584 shares of the company’s stock valued at $107,000 after buying an additional 186 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Lindsay Corp. during the third quarter valued at about $133,000. Advisors Asset Management Inc. boosted its stake in shares of Lindsay Corp. by 104.1% in the third quarter. Advisors Asset Management Inc. now owns 1,823 shares of the company’s stock valued at $135,000 after buying an additional 930 shares during the period. Mason Street Advisors LLC purchased a new stake in shares of Lindsay Corp. during the second quarter valued at about $143,000. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Lindsay Corp. by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 2,390 shares of the company’s stock valued at $177,000 after buying an additional 40 shares during the period.
Lindsay Corp. Company Profile
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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