Lindsay (NYSE:LNN) Hits New 52-Week High Following Earnings Beat

Shares of Lindsay Corporation (NYSE:LNNGet Free Report) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $150.96 and last traded at $143.18, with a volume of 26830 shares changing hands. The stock had previously closed at $137.29.

The industrial products company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.42. Lindsay had a return on equity of 14.66% and a net margin of 11.87%. The business had revenue of $169.46 million during the quarter, compared to analyst estimates of $157.87 million. During the same period last year, the company earned $1.85 earnings per share. Lindsay’s quarterly revenue was up 21.8% compared to the same quarter last year.

Lindsay Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.44 annualized dividend and a dividend yield of 1.00%. Lindsay’s dividend payout ratio is 20.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LNN shares. Wall Street Zen upgraded Lindsay from a “hold” rating to a “buy” rating in a report on Friday, April 11th. Stifel Nicolaus dropped their price target on shares of Lindsay from $134.00 to $128.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th.

Read Our Latest Report on LNN

Institutional Trading of Lindsay

Large investors have recently made changes to their positions in the stock. AlphaQuest LLC bought a new stake in Lindsay during the 4th quarter valued at approximately $32,000. Principal Financial Group Inc. boosted its stake in shares of Lindsay by 2.5% in the 4th quarter. Principal Financial Group Inc. now owns 53,828 shares of the industrial products company’s stock valued at $6,368,000 after purchasing an additional 1,324 shares in the last quarter. Franklin Resources Inc. bought a new stake in Lindsay during the fourth quarter worth about $292,000. American Century Companies Inc. increased its holdings in Lindsay by 5.4% during the 4th quarter. American Century Companies Inc. now owns 43,802 shares of the industrial products company’s stock valued at $5,182,000 after purchasing an additional 2,229 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Lindsay by 48.5% in the fourth quarter. Deutsche Bank AG now owns 10,572 shares of the industrial products company’s stock valued at $1,251,000 after buying an additional 3,454 shares in the last quarter. Institutional investors own 89.94% of the company’s stock.

Lindsay Stock Up 4.4%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.57 and a current ratio of 3.64. The firm’s 50-day simple moving average is $135.33 and its two-hundred day simple moving average is $130.76. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 20.39 and a beta of 0.82.

Lindsay Company Profile

(Get Free Report)

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.

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