Lindsay Corporation (NYSE:LNN - Get Free Report) announced a quarterly dividend on Friday, June 27th, RTT News reports. Investors of record on Friday, August 15th will be given a dividend of 0.37 per share by the industrial products company on Friday, August 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.03%. This is a 2.8% increase from Lindsay's previous quarterly dividend of $0.36.
Lindsay has a dividend payout ratio of 21.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lindsay to earn $6.34 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 22.7%.
Lindsay Stock Up 4.9%
Shares of NYSE:LNN opened at $144.08 on Friday. Lindsay has a 1 year low of $109.27 and a 1 year high of $150.96. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.57. The firm has a market capitalization of $1.57 billion, a PE ratio of 20.61 and a beta of 0.82. The business has a 50 day simple moving average of $135.33 and a two-hundred day simple moving average of $130.76.
Lindsay (NYSE:LNN - Get Free Report) last released its earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $157.87 million. During the same quarter last year, the firm posted $1.85 earnings per share. The business's revenue was up 21.8% compared to the same quarter last year. On average, equities analysts predict that Lindsay will post 5.82 EPS for the current year.
Hedge Funds Weigh In On Lindsay
A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Lindsay by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company's stock valued at $817,000 after purchasing an additional 289 shares in the last quarter. AQR Capital Management LLC increased its holdings in Lindsay by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company's stock worth $1,018,000 after purchasing an additional 984 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Lindsay by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 39,056 shares of the industrial products company's stock valued at $4,941,000 after buying an additional 2,811 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Lindsay by 13.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company's stock valued at $6,144,000 after purchasing an additional 5,749 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Lindsay by 134.4% during the 1st quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company's stock worth $4,899,000 after purchasing an additional 22,204 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company's stock.
Analyst Ratings Changes
Several brokerages recently weighed in on LNN. Wall Street Zen upgraded Lindsay from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Stifel Nicolaus dropped their target price on Lindsay from $134.00 to $128.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th.
Check Out Our Latest Analysis on LNN
About Lindsay
(
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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