Lindsay Corp. Receives “Neutral” Rating from Zacks (LNN)
Lindsay Corp. (NYSE:LNN)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued on Friday, AR Network reports. They currently have a $84.00 target price on the stock. Zacks‘ price target indicates a potential upside of 4.92% from the company’s current price.
Zacks‘ analyst wrote, “Lindsay’s third quarter 2013 earnings per share increased 50% y-o-y to $2.01, led by higher demand for irrigation equipment. Recovery in the U.S. construction sector and new projects will benefit Lindsay’s infrastructure business. The company’s backlog increased 80% year over year led by the irrigation order strength in Brazil. Lindsay will continue to benefit from the strong demand for irrigation systems in the international markets. On the flipside, Lindsay expects margin headwinds in the fourth quarter due to lower margin international irrigation project backlog and planned manufacturing maintenance projects. Lindsay has delivered record results for the first three quarters of fiscal 2013, driven by potential drought conditions. However, this might not continue in the future and will lead to tougher comparisons. We maintain our Neutral recommendation with a target price of $84.00.”
Shares of Lindsay Corp. (NYSE:LNN) traded up 0.56% during mid-day trading on Friday, hitting $80.5098. The stock had a trading volume of 56,434 shares. Lindsay Corp. has a 1-year low of $66.98 and a 1-year high of $94.90. The stock has a 50-day moving average of $76.84 and a 200-day moving average of $79.97. The company has a market cap of $1.035 billion and a P/E ratio of 14.98.
Lindsay Corp. (NYSE:LNN) last released its earnings data on Wednesday, June 26th. The company reported $2.01 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.80 by $0.21. The company had revenue of $219.50 million for the quarter, compared to the consensus estimate of $208.11 million. During the same quarter in the previous year, the company posted $1.47 earnings per share. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. On average, analysts predict that Lindsay Corp. will post $5.55 earnings per share for the current fiscal year.
Lindsay Corporation is a provider of range of water management and road infrastructure products and services.
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