Lindsay Corporation (LNN) Rating Reiterated by Stifel Nicolaus
Lindsay Corporation (NYSE:LNN)‘s stock had its “hold” rating reissued by stock analysts at Stifel Nicolaus in a report issued on Friday. They currently have a $76.00 price target on the industrial products company’s stock. Stifel Nicolaus’ target price would suggest a potential downside of 11.90% from the company’s current price.
Several other equities analysts have also recently issued reports on the company. BidaskClub cut Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 8th. Zacks Investment Research cut Lindsay Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Boenning Scattergood reaffirmed a “hold” rating on shares of Lindsay Corporation in a report on Thursday, June 29th. Piper Jaffray Companies upped their price target on Lindsay Corporation from $77.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, July 3rd. Finally, Sidoti reaffirmed a “buy” rating and issued a $107.00 price target (up previously from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $91.50.
Lindsay Corporation (NYSE:LNN) traded down 0.35% during mid-day trading on Friday, hitting $86.27. The company had a trading volume of 97,689 shares. 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 12 month low of $69.11 and a 12 month high of $95.04. The firm has a market capitalization of $922.14 million, a P/E ratio of 37.38 and a beta of 0.43.
Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $151.50 million during the quarter, compared to analysts’ expectations of $145.30 million. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. Equities analysts forecast that Lindsay Corporation will post $2.23 EPS for the current fiscal year.
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In related news, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $91.47, for a total value of $7,078,588.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $89.28, for a total value of $624,960.00. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Lindsay Corporation by 7,401.9% in the first quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock worth $116,844,000 after buying an additional 1,308,286 shares during the last quarter. Vanguard Group Inc. raised its stake in Lindsay Corporation by 2.2% in the second quarter. Vanguard Group Inc. now owns 1,014,967 shares of the industrial products company’s stock valued at $90,586,000 after buying an additional 22,310 shares during the period. Royce & Associates LP raised its stake in Lindsay Corporation by 1.2% in the second quarter. Royce & Associates LP now owns 963,524 shares of the industrial products company’s stock valued at $85,995,000 after buying an additional 11,600 shares during the period. Bank of New York Mellon Corp raised its stake in Lindsay Corporation by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 480,095 shares of the industrial products company’s stock valued at $42,306,000 after buying an additional 11,590 shares during the period. Finally, Impax Asset Management LTD raised its stake in Lindsay Corporation by 2.0% in the first quarter. Impax Asset Management LTD now owns 407,024 shares of the industrial products company’s stock valued at $35,867,000 after buying an additional 8,000 shares during the period.
About Lindsay Corporation
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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