Zacks: Brokerages Anticipate Lindsay Corporation (LNN) Will Announce Quarterly Sales of $134.83 Million
Equities research analysts expect Lindsay Corporation (NYSE:LNN) to announce $134.83 million in sales for the current quarter, according to Zacks. 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 during the same quarter last year, which suggests a positive year-over-year growth rate of 1.5%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, October 12th.
On average, 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 financial year, analysts forecast 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 averages are an average based on a survey of research firms that cover Lindsay Corporation.
Several equities analysts have weighed in on the company. BidaskClub downgraded Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Zacks Investment Research downgraded Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Piper Jaffray Companies set a $80.00 target price on Lindsay Corporation and gave the company a “hold” rating in a research report on Saturday, August 5th. Sidoti reaffirmed a “buy” rating and issued a $107.00 target price (up from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Finally, Stifel Nicolaus set a $76.00 target price on Lindsay Corporation and gave the company a “hold” rating in a research report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Lindsay Corporation currently has an average rating of “Hold” and a consensus target price of $91.50.
In other news, insider Rick Parod sold 77,387 shares of Lindsay Corporation 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.10% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in LNN. BlackRock Inc. boosted its stake in shares of Lindsay Corporation by 7,401.9% in the 1st quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock valued at $116,844,000 after buying an additional 1,308,286 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Lindsay Corporation by 367.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 77,620 shares of the industrial products company’s stock valued at $6,840,000 after buying an additional 61,011 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lindsay Corporation by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 992,657 shares of the industrial products company’s stock valued at $87,472,000 after buying an additional 51,592 shares during the period. King Luther Capital Management Corp boosted its stake in shares of Lindsay Corporation by 28.6% in the 1st quarter. King Luther Capital Management Corp now owns 107,260 shares of the industrial products company’s stock valued at $9,452,000 after buying an additional 23,870 shares during the period. Finally, State Street Corp boosted its stake in shares of Lindsay Corporation by 8.3% in the 1st 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 period. Institutional investors and hedge funds own 97.44% of the company’s stock.
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Shares of Lindsay Corporation (NYSE:LNN) opened at 91.96 on Thursday. Lindsay Corporation has a 1-year low of $69.11 and a 1-year high of $95.04. The stock has a market capitalization of $982.96 million, a price-to-earnings ratio of 39.84 and a beta of 0.44. The company has a 50-day moving average of $88.21 and a 200-day moving average of $87.28.
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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