Lindsay Corp. (LNN) Announces Earnings Results
Lindsay Corp. (NYSE:LNN) released its quarterly earnings results on Thursday. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.30. The firm earned $132.90 million during the quarter, compared to the consensus estimate of $63.67 million. Lindsay Corp. had a net margin of 1.83% and a return on equity of 9.74%.
Shares of Lindsay Corp. (NYSE:LNN) opened at 69.30 on Thursday. The firm has a 50-day moving average of $72.19 and a 200-day moving average of $71.22. Lindsay Corp. has a 12-month low of $62.99 and a 12-month high of $79.27. The firm has a market capitalization of $736.66 million, a PE ratio of 83.29 and a beta of 0.82.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Monday, November 14th. Lindsay Corp.’s payout ratio is 133.33%.
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A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Advisors LLC boosted its position in Lindsay Corp. by 0.6% in the second quarter. BlackRock Advisors LLC now owns 5,254 shares of the company’s stock worth $357,000 after buying an additional 30 shares in the last quarter. BlackRock Investment Management LLC boosted its position in Lindsay Corp. by 2.3% in the second quarter. BlackRock Investment Management LLC now owns 45,899 shares of the company’s stock worth $3,115,000 after buying an additional 1,053 shares in the last quarter. BlackRock Inc. boosted its position in Lindsay Corp. by 9.9% in the second quarter. BlackRock Inc. now owns 17,987 shares of the company’s stock worth $1,221,000 after buying an additional 1,613 shares in the last quarter. BlackRock Group LTD boosted its position in Lindsay Corp. by 7.6% in the second quarter. BlackRock Group LTD now owns 48,787 shares of the company’s stock worth $3,311,000 after buying an additional 3,450 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in Lindsay Corp. during the second quarter worth approximately $210,000.
LNN has been the subject of several analyst reports. TheStreet raised shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Zacks Investment Research downgraded shares of Lindsay Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $71.57.
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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