Lindsay Corporation Announces Quarterly Dividend of $0.30 (LNN)
Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Thursday, October 12th, RTT News reports. Shareholders of record on Thursday, November 16th will be given a dividend of 0.30 per share by the industrial products company on Thursday, November 30th. This represents a $1.20 dividend on an annualized basis and a yield of 1.36%.
Lindsay Corporation has raised its dividend payment by an average of 32.5% annually over the last three years and has increased its dividend every year for the last 14 years. Lindsay Corporation has a payout ratio of 53.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lindsay Corporation to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 39.2%.
Lindsay Corporation (NYSE LNN) traded down 3.57% during mid-day trading on Thursday, reaching $88.38. The company’s stock had a trading volume of 327,976 shares. Lindsay Corporation has a 12-month low of $72.85 and a 12-month high of $95.04. The company has a market cap of $944.69 million, a PE ratio of 38.29 and a beta of 0.44. The firm’s 50 day moving average is $88.96 and its 200-day moving average is $87.70.
Several research firms have recently weighed in on LNN. BidaskClub downgraded Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. 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. Piper Jaffray Companies raised their target price on Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd. 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 report on Friday, July 7th. Finally, Zacks Investment Research downgraded Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Lindsay Corporation presently has a consensus rating of “Hold” and an average target price of $91.50.
In related news, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.
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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