Lindsay Corp. Upgraded by Zacks to “Neutral” (LNN)
Lindsay Corp. (NYSE:LNN) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a note issued to investors on Thursday, Analyst RN reports. The firm currently has a $96.00 target price on the stock. Zacks‘ target price suggests a potential upside of 8.19% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Lindsay from Underperform to Neutral, with a target price of $96.00. The company’s earnings per share declined 31% year over year to $0.79 in the first quarter of fiscal 2014. Total revenue, on the other hand, remained flat year over year at $147.7 million. Lindsay will continue to benefit from its capital allocation plan, dividend hikes and strong backlog. The company has a strong balance sheet with no debt. Moreover, acquisitions and addition of new product lines will drive growth. However, lower expectations for U.S. irrigation sales in 2014 and lack of visibility into the primary selling season for irrigation equipment remain concerns.”
A number of other analysts have also recently weighed in on LNN. Analysts at Sterne Agee initiated coverage on shares of Lindsay Corp. in a research note on Thursday, December 19th. They set a “buy” rating on the stock. Analysts at Gabelli initiated coverage on shares of Lindsay Corp. in a research note on Monday, December 16th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $95.00.
Lindsay Corp. (NYSE:LNN) traded down 1.31% on Thursday, hitting $90.60. The stock had a trading volume of 187,207 shares. Lindsay Corp. has a 1-year low of $71.13 and a 1-year high of $94.50. The stock has a 50-day moving average of $84.60 and a 200-day moving average of $79.57. The company has a market cap of $1.171 billion and a price-to-earnings ratio of 17.97.
Lindsay Corp. (NYSE:LNN) last released its earnings data on Thursday, January 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by $0.10. The company had revenue of $147.70 million for the quarter, compared to the consensus estimate of $142.19 million. During the same quarter in the previous year, the company posted $1.15 earnings per share. The company’s revenue for the quarter was up .2% on a year-over-year basis. Analysts expect that Lindsay Corp. will post $4.29 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Wednesday, February 12th. This is a positive change from Lindsay Corp.’s previous quarterly dividend of $0.13.
Lindsay Corporation is a provider of range of water management and road infrastructure products and services.
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