Lindsay Corporation (LNN) Expected to Post Quarterly Sales of $134.83 Million
Wall Street brokerages expect Lindsay Corporation (NYSE:LNN) to announce $134.83 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Lindsay Corporation’s earnings. The lowest sales estimate is $131.40 million and the highest is $138.21 million. Lindsay Corporation posted sales of $132.90 million in the same quarter last year, which suggests 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 fiscal year, with estimates ranging from $517.45 million to $524.50 million. For the next year, analysts forecast that the firm will report sales of $549.72 million per share, with estimates ranging from $544.43 million to $559.60 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Lindsay Corporation.
Lindsay Corporation (NYSE:LNN) last posted its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.07. The firm 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 company’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS.
LNN has been the subject of a number of research analyst reports. BidaskClub lowered shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Boenning Scattergood restated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a research note on Monday, July 31st. Piper Jaffray Companies set a $80.00 price target on shares of Lindsay Corporation and gave the stock a “hold” rating in a research note on Saturday, August 5th. Finally, Sidoti restated a “buy” rating and issued a $107.00 price target (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Lindsay Corporation currently has an average rating of “Hold” and a consensus target price of $91.50.
In related news, insider David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction on 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 currently owned by insiders.
Several large investors have recently modified their holdings of LNN. State of Alaska Department of Revenue increased its stake in Lindsay Corporation by 1.7% during 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 purchasing an additional 20 shares during the last quarter. Flinton Capital Management LLC increased its stake in Lindsay Corporation by 72.7% during the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after purchasing an additional 544 shares during the last quarter. Van ECK Associates Corp increased its stake in Lindsay Corporation by 13.7% during the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 160 shares during the last quarter. Acrospire Investment Management LLC increased its stake in Lindsay Corporation by 467.1% during the second quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $128,000 after purchasing an additional 1,177 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Lindsay Corporation during the first quarter valued at $133,000. Institutional investors and hedge funds own 97.44% of the company’s stock.
Lindsay Corporation (LNN) opened at 89.07 on Friday. Lindsay Corporation has a 52-week low of $69.11 and a 52-week high of $95.04. The company has a 50 day moving average of $87.54 and a 200-day moving average of $86.23. The stock has a market capitalization of $952.07 million, a P/E ratio of 38.59 and a beta of 0.46.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Tuesday, August 15th. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s payout ratio is 52.17%.
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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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