Lindsay Corp. (LNN) Price Target Raised to $69.00 at Stifel Nicolaus
Lindsay Corp. (NYSE:LNN) had its target price upped by Stifel Nicolaus from $64.00 to $69.00 in a research note issued on Friday. The firm presently has a “sell” rating on the stock. Stifel Nicolaus’ target price would suggest a potential downside of 10.31% from the stock’s previous close.
LNN has been the subject of a number of other research reports. TheStreet upgraded Lindsay Corp. from a “hold” rating to a “buy” rating in a research report on Friday, July 1st. Zacks Investment Research lowered Lindsay Corp. from a “hold” rating to a “strong sell” rating in a report on Thursday, September 8th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $72.29.
Shares of Lindsay Corp. (NYSE:LNN) opened at 76.93 on Friday. Lindsay Corp. has a 12-month low of $62.99 and a 12-month high of $80.28. The stock has a 50 day moving average of $72.26 and a 200-day moving average of $71.26. The company has a market capitalization of $817.77 million, a PE ratio of 92.46 and a beta of 0.82.
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Lindsay Corp. (NYSE:LNN) last announced its quarterly earnings results on Thursday, October 13th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.30. Lindsay Corp. had a return on equity of 9.74% and a net margin of 1.83%. The company earned $132.90 million during the quarter, compared to analyst estimates of $113.38 million. During the same quarter in the previous year, the firm posted $0.42 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. Analysts predict that Lindsay Corp. will post $1.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Monday, November 14th. Lindsay Corp.’s dividend payout ratio (DPR) is presently 133.33%.
Large investors have recently made changes to their positions in the company. Stephens Investment Management Group LLC bought a new stake in shares of Lindsay Corp. during the second quarter worth about $7,970,000. Fenimore Asset Management Inc. raised its stake in shares of Lindsay Corp. by 296.7% in the second quarter. Fenimore Asset Management Inc. now owns 106,465 shares of the company’s stock worth $7,225,000 after buying an additional 79,630 shares during the period. Impax Asset Management LTD raised its stake in shares of Lindsay Corp. by 35.0% in the second quarter. Impax Asset Management LTD now owns 263,879 shares of the company’s stock worth $17,907,000 after buying an additional 68,379 shares during the period. Royce & Associates LP raised its stake in shares of Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock worth $64,477,000 after buying an additional 62,800 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Lindsay Corp. by 26.6% in the first quarter. Renaissance Technologies LLC now owns 266,700 shares of the company’s stock worth $19,098,000 after buying an additional 56,000 shares during the period.
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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