Shares of Lindsay Corp. (NYSE:LNN) rose 2.1% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $79.23 and last traded at $78.56, with a volume of 120,603 shares. The stock had previously closed at $76.93.
The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.30. The firm earned $132.90 million during the quarter, compared to analyst estimates of $113.38 million. Lindsay Corp. had a return on equity of 9.74% and a net margin of 1.83%. Lindsay Corp.’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.48%. The ex-dividend date is Monday, November 14th. Lindsay Corp.’s dividend payout ratio is currently 133.33%.
LNN has been the subject of several recent research reports. Zacks Investment Research lowered Lindsay Corp. from a “hold” rating to a “strong sell” rating in a report on Thursday, September 8th. TheStreet raised Lindsay Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 1st. Finally, Stifel Nicolaus upped their target price on Lindsay Corp. from $64.00 to $69.00 and gave the company a “sell” rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $72.29.
Several institutional investors have recently modified their holdings of LNN. Cardinal Capital Management increased its stake in Lindsay Corp. by 7.0% in the second quarter. Cardinal Capital Management now owns 4,388 shares of the company’s stock worth $298,000 after buying an additional 288 shares during the period. First Midwest Bank Trust Division increased its stake in Lindsay Corp. by 45.1% in the second quarter. First Midwest Bank Trust Division now owns 4,091 shares of the company’s stock worth $278,000 after buying an additional 1,272 shares during the period. Bank of Montreal Can purchased a new stake in Lindsay Corp. during the second quarter worth $1,717,000. John G Ullman & Associates Inc. increased its stake in Lindsay Corp. by 7.9% in the second quarter. John G Ullman & Associates Inc. now owns 168,757 shares of the company’s stock worth $11,452,000 after buying an additional 12,375 shares during the period. Finally, Fenimore Asset Management Inc. increased its stake in Lindsay Corp. by 296.7% in the second quarter. Fenimore Asset Management Inc. now owns 106,465 shares of the company’s stock worth $7,225,000 after buying an additional 79,630 shares during the period.
The firm has a 50 day moving average price of $72.38 and a 200-day moving average price of $71.27. The stock has a market capitalization of $833.60 million, a PE ratio of 94.25 and a beta of 0.82.
About Lindsay Corp.
Lindsay Corporation provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. Its Irrigation Segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems, which are used principally in the agricultural industry.
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