Brokerages Anticipate Lindsay Co. (LNN) Will Post Quarterly Sales of $144.81 Million
Wall Street brokerages forecast that Lindsay Co. (NYSE:LNN) will announce sales of $144.81 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Lindsay’s earnings. The highest sales estimate is $148.4 million and the lowest is $143.5 million. Lindsay reported sales of $141.32 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.5%. The business is expected to issue its next quarterly earnings report on Thursday, June 29th.
On average, analysts expect that Lindsay will report full year sales of $144.81 million for the current fiscal year, with estimates ranging from $507.5 million to $520 million. For the next year, analysts expect that the company will report sales of $542.78 million per share, with estimates ranging from $521.74 million to $552.6 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Lindsay.
Lindsay (NYSE:LNN) last issued its earnings results on Thursday, March 30th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.07. Lindsay had a return on equity of 9.19% and a net margin of 2.81%. The firm had revenue of $124.10 million for the quarter, compared to analysts’ expectations of $119.12 million. During the same quarter last year, the business earned ($0.37) earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year.
LNN has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 21st. Stifel Nicolaus reiterated a “hold” rating and set a $76.00 price target (up previously from $75.00) on shares of Lindsay in a research note on Sunday, April 2nd. Finally, TheStreet upgraded shares of Lindsay from a “c” rating to a “b” rating in a research note on Thursday, March 30th. Four research analysts have rated the stock with a hold rating, Lindsay presently has an average rating of “Hold” and an average target price of $76.75.
Lindsay (NYSE:LNN) opened at 87.93 on Friday. The firm’s 50-day moving average price is $85.18 and its 200-day moving average price is $80.53. Lindsay has a one year low of $65.78 and a one year high of $89.98. The company has a market cap of $937.51 million, a PE ratio of 40.32 and a beta of 0.74.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Wednesday, May 17th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Monday, May 15th. Lindsay’s dividend payout ratio is currently 86.57%.
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In related news, insider David B. Downing sold 5,000 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $87.33, for a total transaction of $436,650.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rick Parod sold 40,241 shares of the stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $85.58, for a total transaction of $3,443,824.78. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Suffolk Capital Management LLC purchased a new stake in Lindsay during the third quarter valued at approximately $723,000. Timber Creek Capital Management LLC boosted its stake in Lindsay by 1.1% in the third quarter. Timber Creek Capital Management LLC now owns 25,450 shares of the industrial products company’s stock valued at $1,882,000 after buying an additional 275 shares during the period. PNC Financial Services Group Inc. boosted its stake in Lindsay by 4.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,936 shares of the industrial products company’s stock valued at $218,000 after buying an additional 135 shares during the period. JPMorgan Chase & Co. boosted its stake in Lindsay by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 10,175 shares of the industrial products company’s stock valued at $753,000 after buying an additional 1,782 shares during the period. Finally, Great Lakes Advisors LLC boosted its stake in Lindsay by 74.8% in the third quarter. Great Lakes Advisors LLC now owns 117,425 shares of the industrial products company’s stock valued at $8,687,000 after buying an additional 50,252 shares during the period.
Lindsay Company Profile
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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