Shares of Lindsay Corp. (NYSE:LNN) hit a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $80.28 and last traded at $77.37, with a volume of 415,332 shares changing hands. The stock had previously closed at $69.30.
The company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.30. The firm earned $132.90 million during the quarter, compared to analysts’ expectations of $113.38 million. Lindsay Corp. had a net margin of 1.83% and a return on equity of 9.74%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 16th will be paid a $0.29 dividend. The ex-dividend date is Monday, November 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.48%. Lindsay Corp.’s dividend payout ratio (DPR) is presently 133.33%.
Several research firms recently weighed in on LNN. TheStreet raised shares of Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Zacks Investment Research cut shares of Lindsay Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 30th. Finally, Stifel Nicolaus raised their target price on shares of Lindsay Corp. from $64.00 to $69.00 and gave the company a “sell” rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $72.29.
Several institutional investors have recently modified their holdings of the company. CHICAGO TRUST Co NA acquired a new position in shares of Lindsay Corp. during the third quarter worth approximately $274,000. Fenimore Asset Management Inc. boosted its position in shares of Lindsay Corp. by 4.4% in the third quarter. Fenimore Asset Management Inc. now owns 111,190 shares of the company’s stock worth $8,226,000 after buying an additional 4,725 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of Lindsay Corp. during the second quarter worth approximately $143,000. Schwab Charles Investment Management Inc. boosted its position in shares of Lindsay Corp. by 4.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 54,326 shares of the company’s stock worth $3,687,000 after buying an additional 2,190 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Lindsay Corp. by 3.0% in the second quarter. Legal & General Group Plc now owns 2,911 shares of the company’s stock worth $205,000 after buying an additional 84 shares during the last quarter.
The stock has a 50 day moving average of $72.38 and a 200-day moving average 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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