$134.83 Million in Sales Expected for Lindsay Corporation (NYSE:LNN) This Quarter
Analysts forecast that Lindsay Corporation (NYSE:LNN) will report $134.83 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Lindsay Corporation’s earnings. The highest sales estimate is $138.21 million and the lowest is $131.40 million. Lindsay Corporation reported sales of $132.90 million during the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The company is expected to issue its next quarterly earnings results on Thursday, October 12th.
According to Zacks, analysts expect that Lindsay Corporation will report full-year sales of $134.83 million for the current fiscal year, with estimates ranging from $517.45 million to $524.50 million. For the next year, analysts expect that the business will report sales of $549.72 million per share, with estimates ranging from $544.43 million to $559.60 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Lindsay Corporation.
Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.95 by $0.07. The company had revenue of $151.50 million for the quarter, compared to the consensus estimate of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS.
A number of brokerages have weighed in on LNN. BidaskClub cut shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a report on Wednesday, July 12th. Piper Jaffray Companies lifted their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, July 3rd. Sidoti restated a “buy” rating and issued a $107.00 price objective (up previously from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $76.00 price objective (up previously from $75.00) on shares of Lindsay Corporation in a report on Sunday, April 2nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $91.00.
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Shares of Lindsay Corporation (NYSE LNN) traded down 0.43% during trading on Friday, reaching $94.33. 97,600 shares of the company traded hands. The firm has a 50 day moving average of $87.84 and a 200 day moving average of $82.99. The stock has a market capitalization of $1.01 billion, a PE ratio of 40.87 and a beta of 0.43. Lindsay Corporation has a 52 week low of $66.99 and a 52 week high of $95.04.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 15th. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.27%. Lindsay Corporation’s dividend payout ratio is 50.43%.
In related news, insider David B. Downing sold 7,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $89.28, for a total value of $624,960.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its position in Lindsay Corporation by 55.6% in the second quarter. US Bancorp DE now owns 2,800 shares of the industrial products company’s stock worth $250,000 after buying an additional 1,000 shares during the period. State of Alaska Department of Revenue raised its position in shares of Lindsay Corporation by 79.1% in the second quarter. State of Alaska Department of Revenue now owns 2,095 shares of the industrial products company’s stock valued at $186,000 after buying an additional 925 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Lindsay Corporation during the first quarter valued at $1,207,000. State Street Corp raised its position in shares of Lindsay Corporation by 8.3% in the first quarter. State Street Corp now owns 260,185 shares of the industrial products company’s stock valued at $22,929,000 after buying an additional 19,885 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Lindsay Corporation by 69.7% in the first quarter. Bank of America Corp DE now owns 17,129 shares of the industrial products company’s stock valued at $1,509,000 after buying an additional 7,034 shares during the last quarter.
Lindsay Corporation 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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