Stifel Nicolaus Reiterates “$76.00” Price Target for Lindsay Corporation (LNN)
Lindsay Corporation (NYSE:LNN) has been given a $76.00 target price by Stifel Nicolaus in a report released on Friday. The brokerage presently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ target price suggests a potential downside of 11.90% from the stock’s previous close.
A number of other equities research analysts have also issued reports on the stock. Piper Jaffray Companies set a $80.00 target price on shares of Lindsay Corporation and gave the company a “hold” rating in a research note on Saturday, August 5th. BidaskClub lowered shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a research note on Monday, July 31st. Sidoti restated a “buy” rating and issued a $107.00 target price (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. Finally, Boenning Scattergood restated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $91.50.
Lindsay Corporation (LNN) traded down 0.35% during mid-day trading on Friday, hitting $86.27. The stock had a trading volume of 97,689 shares. The stock has a market cap of $922.14 million, a P/E ratio of 37.38 and a beta of 0.43. The company has a 50 day moving average price of $90.19 and a 200 day moving average price of $84.94. Lindsay Corporation has a one year low of $69.11 and a one year high of $95.04.
Lindsay Corporation (NYSE:LNN) last issued its earnings results 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 business had revenue of $151.50 million for the quarter, compared to analyst estimates of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. On average, equities analysts anticipate that Lindsay Corporation will post $2.23 EPS for the current year.
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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 transaction of $624,960.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Rick Parod sold 77,387 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $91.47, for a total transaction of $7,078,588.89. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. 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 during the period. Flinton Capital Management LLC raised its stake in Lindsay Corporation by 72.7% in the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after buying an additional 544 shares during the period. Van ECK Associates Corp raised its stake in Lindsay Corporation by 13.7% in the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after buying an additional 160 shares during the period. Acrospire Investment Management LLC raised its stake in Lindsay Corporation by 467.1% in the second quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $128,000 after buying an additional 1,177 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Lindsay Corporation during the first quarter valued at $133,000.
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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