Lindsay Corporation (NYSE:LNN – Get Free Report)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $112.46, but opened at $107.04. Lindsay shares last traded at $107.0560, with a volume of 2,023 shares.
Wall Street Analysts Forecast Growth
LNN has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research note on Monday, April 6th. Zacks Research lowered shares of Lindsay from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 7th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $113.00.
Lindsay Trading Up 0.6%
Lindsay (NYSE:LNN – Get Free Report) last issued its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.45). Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The firm had revenue of $157.72 million for the quarter, compared to analyst estimates of $163.52 million. During the same quarter last year, the firm earned $2.44 earnings per share. The company’s revenue was down 15.7% compared to the same quarter last year. Equities analysts forecast that Lindsay Corporation will post 5.82 EPS for the current fiscal year.
Lindsay Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, May 15th. Lindsay’s dividend payout ratio is presently 27.11%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in LNN. Nuance Investments LLC grew its position in Lindsay by 293.5% during the fourth quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock worth $21,048,000 after buying an additional 133,190 shares during the period. Wellington Management Group LLP acquired a new position in Lindsay during the fourth quarter worth about $13,994,000. Amundi grew its position in Lindsay by 39.4% during the fourth quarter. Amundi now owns 269,817 shares of the industrial products company’s stock worth $31,843,000 after buying an additional 76,292 shares during the period. Invesco Ltd. grew its position in Lindsay by 32.6% during the third quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock worth $28,953,000 after buying an additional 50,671 shares during the period. Finally, Marshall Wace LLP acquired a new position in Lindsay during the second quarter worth about $6,670,000. 89.94% of the stock is currently owned by institutional investors and hedge funds.
About Lindsay
Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral?move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.
Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.
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