Zacks: Brokerages Expect Lindsay Corporation (NYSE:LNN) Will Announce Quarterly Sales of $134.83 Million
Analysts expect Lindsay Corporation (NYSE:LNN) to post sales of $134.83 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Lindsay Corporation’s earnings, with estimates ranging from $131.40 million to $138.21 million. Lindsay Corporation reported sales of $132.90 million in the same quarter last year, which indicates a positive year-over-year growth rate of 1.5%. The company is scheduled to report its next quarterly earnings report on Thursday, October 12th.
According to Zacks, analysts expect that Lindsay Corporation will report full-year sales of $134.83 million for the current year, with estimates ranging from $517.45 million to $524.50 million. For the next year, analysts expect that the business will post sales of $549.72 million per share, with estimates ranging from $544.43 million to $559.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Lindsay Corporation.
Lindsay Corporation (NYSE:LNN) last announced its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.07. The firm had revenue of $151.50 million during the quarter, compared to the consensus estimate of $145.30 million. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS.
A number of analysts recently commented on LNN shares. Zacks Investment Research upgraded Lindsay Corporation from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Wednesday, July 12th. BidaskClub cut Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Sidoti reiterated a “buy” rating and set a $107.00 price objective (up previously from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Piper Jaffray Companies set a $80.00 price objective on Lindsay Corporation and gave the company a “hold” rating in a research report on Saturday, August 5th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Lindsay Corporation in a research report on Thursday, June 29th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $91.50.
Shares of Lindsay Corporation (NYSE LNN) traded down 1.73% on Friday, reaching $86.32. The company’s stock had a trading volume of 65,184 shares. Lindsay Corporation has a 52-week low of $69.11 and a 52-week high of $95.04. The stock has a 50-day moving average of $90.01 and a 200 day moving average of $84.58. The company has a market cap of $922.67 million, a price-to-earnings ratio of 37.40 and a beta of 0.43.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Tuesday, August 15th. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s payout ratio is currently 50.43%.
In other Lindsay Corporation news, insider David B. Downing sold 7,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rick Parod sold 77,387 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in LNN. PNC Financial Services Group Inc. raised its stake in Lindsay Corporation by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,971 shares of the industrial products company’s stock valued at $265,000 after buying an additional 14 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock valued at $103,000 after buying an additional 20 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Lindsay Corporation by 0.6% in the first quarter. BNP Paribas Arbitrage SA now owns 3,205 shares of the industrial products company’s stock valued at $282,000 after buying an additional 20 shares in the last quarter. Manchester Capital Management LLC raised its stake in Lindsay Corporation by 0.3% in the first quarter. Manchester Capital Management LLC now owns 9,440 shares of the industrial products company’s stock valued at $832,000 after buying an additional 26 shares in the last quarter. Finally, Texas Permanent School Fund raised its stake in Lindsay Corporation by 0.8% in the second quarter. Texas Permanent School Fund now owns 7,761 shares of the industrial products company’s stock valued at $693,000 after buying an additional 65 shares in the last quarter.
COPYRIGHT VIOLATION WARNING: “Zacks: Brokerages Expect Lindsay Corporation (NYSE:LNN) Will Announce Quarterly Sales of $134.83 Million” was published by American Banking News and is owned by of American Banking News. If you are reading this report on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright law. The correct version of this report can be read at https://www.americanbankingnews.com/2017/08/11/zacks-brokerages-expect-lindsay-corporation-nyselnn-will-announce-quarterly-sales-of-134-83-million.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Lindsay Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lindsay Corporation and related companies with MarketBeat.com's FREE daily email newsletter.