Lindsay Corp. Stock Price Down 4.6% on Disappointing Earnings (LNN)
Lindsay Corp. (NYSE:LNN)’s share price was down 4.6% on Wednesday following a weaker than expected earnings announcement, American Banking News reports. The stock traded as low as $83.57 and last traded at $84.00, with a volume of 303,059 shares trading hands. The stock had previously closed at $88.05.
The company reported $1.28 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.43 by $0.15. The company had revenue of $169.90 million for the quarter, compared to the consensus estimate of $184.29 million. During the same quarter in the previous year, the company posted $2.01 earnings per share. The company’s revenue for the quarter was down 22.6% on a year-over-year basis.
Separately, analysts at Zacks reiterated a “neutral” rating on shares of Lindsay Corp. in a research note on Thursday, May 29th. They now have a $90.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $92.50.
The stock’s 50-day moving average is $85.87 and its 200-day moving average is $85.03. The company has a market cap of $1.080 billion and a price-to-earnings ratio of 18.94.
Lindsay Corporation is a provider of range of water management and road infrastructure products and services.
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