Shares of Lindsay Corporation (NYSE:LNN - Get Free Report) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $150.96 and last traded at $143.18, with a volume of 26830 shares. The stock had previously closed at $137.29.
The industrial products company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.42. Lindsay had a net margin of 11.87% and a return on equity of 14.66%. During the same period in the prior year, the business posted $1.85 earnings per share. The firm's quarterly revenue was up 21.8% compared to the same quarter last year.
Lindsay Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.99%. Lindsay's dividend payout ratio (DPR) is presently 20.48%.
Analyst Ratings Changes
A number of research firms recently weighed in on LNN. Wall Street Zen upgraded Lindsay from a "hold" rating to a "buy" rating in a research report on Friday, April 11th. Stifel Nicolaus reduced their target price on Lindsay from $134.00 to $128.00 and set a "hold" rating for the company in a report on Wednesday, April 16th.
View Our Latest Stock Report on LNN
Hedge Funds Weigh In On Lindsay
Institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in Lindsay by 0.7% in the first quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company's stock valued at $1,365,000 after purchasing an additional 76 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Lindsay by 1.8% during the 4th quarter. Corient Private Wealth LLC now owns 4,515 shares of the industrial products company's stock valued at $534,000 after purchasing an additional 78 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Lindsay by 10.3% in the fourth quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company's stock worth $109,000 after purchasing an additional 86 shares in the last quarter. Gitterman Wealth Management LLC increased its position in Lindsay by 6.1% during the fourth quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company's stock worth $207,000 after buying an additional 101 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Lindsay by 55.8% in the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock worth $54,000 after buying an additional 154 shares during the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.
Lindsay Stock Performance
The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.57 and a current ratio of 3.64. The company has a market cap of $1.57 billion, a P/E ratio of 20.37 and a beta of 0.82. The firm has a 50 day moving average price of $134.95 and a 200-day moving average price of $130.67.
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.
Further Reading
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