Lindsay (NYSE:LNN) posted its quarterly earnings results on Thursday. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.27, Bloomberg Earnings reports. The company had revenue of $169.60 million for the quarter, compared to analyst estimates of $167.57 million. Lindsay had a net margin of 4.13% and a return on equity of 9.84%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share.
Shares of Lindsay opened at $98.21 on Friday, Marketbeat Ratings reports. The firm has a market capitalization of $1.01 billion, a PE ratio of 45.26, a P/E/G ratio of 1.66 and a beta of 0.36. Lindsay has a one year low of $83.57 and a one year high of $103.03. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.01 and a current ratio of 3.00.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Friday, August 17th will be issued a $0.31 dividend. This is a positive change from Lindsay’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.26%. Lindsay’s dividend payout ratio is presently 55.30%.
A number of analysts recently weighed in on LNN shares. Zacks Investment Research raised shares of Lindsay from a “hold” rating to a “buy” rating and set a $112.00 target price on the stock in a report on Wednesday, May 30th. ValuEngine raised shares of Lindsay from a “hold” rating to a “buy” rating in a report on Thursday, May 24th. Seaport Global Securities reaffirmed a “hold” rating on shares of Lindsay in a report on Monday, April 2nd. Stifel Nicolaus upped their target price on shares of Lindsay from $92.00 to $94.00 and gave the stock a “hold” rating in a report on Monday, April 2nd. Finally, Boenning Scattergood raised shares of Lindsay from a “neutral” rating to an “outperform” rating in a report on Thursday, March 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $98.25.
Institutional investors and hedge funds have recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in Lindsay in the fourth quarter worth about $327,000. Schroder Investment Management Group lifted its stake in Lindsay by 20.3% in the fourth quarter. Schroder Investment Management Group now owns 59,578 shares of the industrial products company’s stock worth $5,255,000 after acquiring an additional 10,036 shares during the period. Arizona State Retirement System lifted its stake in Lindsay by 222.9% in the fourth quarter. Arizona State Retirement System now owns 17,867 shares of the industrial products company’s stock worth $1,576,000 after acquiring an additional 12,333 shares during the period. Prentiss Smith & Co. Inc. lifted its stake in Lindsay by 110.0% in the fourth quarter. Prentiss Smith & Co. Inc. now owns 66,114 shares of the industrial products company’s stock worth $5,831,000 after acquiring an additional 34,637 shares during the period. Finally, BlackRock Inc. lifted its stake in Lindsay by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,369,302 shares of the industrial products company’s stock worth $120,773,000 after acquiring an additional 26,803 shares during the period. 91.36% of the stock is owned by hedge funds and other institutional investors.
Lindsay Company Profile
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.
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