Key Points
- Insider sale: Lindsay CAO Brett Richard Coburn sold 450 shares for about $49,352, reducing his direct holdings by 21.52% to 1,641 shares.
- Quarterly results beat estimates: Lindsay reported EPS of $1.10 versus analysts’ $0.98 estimate, while revenue rose 5.2% year over year to $161.57 million.
- Analyst sentiment is cautious: The stock’s average rating was “Reduce,” with two analysts at Hold and one at Sell; the consensus price target was $119. The company also announced a quarterly dividend of $0.38 per share.
Lindsay Corporation (NYSE:LNN - Get Free Report) CAO Brett Richard Coburn sold 450 shares of the firm's stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $109.67, for a total transaction of $49,351.50. Following the completion of the transaction, the chief accounting officer directly owned 1,641 shares of the company's stock, valued at approximately $179,968.47. The trade was a 21.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Lindsay Stock Down 1.0%
LNN opened at $107.86 on Friday. The firm has a market capitalization of $1.10 billion, a P/E ratio of 20.27 and a beta of 0.73. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00. The company has a fifty day moving average price of $112.44 and a 200-day moving average price of $116.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.15 and a quick ratio of 2.25.
Lindsay (NYSE:LNN - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.12. Lindsay had a return on equity of 10.96% and a net margin of 8.75%. The company had revenue of $161.57 million for the quarter, compared to the consensus estimate of $147.56 million. During the same quarter last year, the business posted $0.99 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. Equities research analysts expect that Lindsay Corporation will post 4.70 earnings per share for the current fiscal year.
Lindsay Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, November 16th. Lindsay's payout ratio is presently 28.57%.
Institutional Trading of Lindsay
A number of hedge funds have recently made changes to their positions in LNN. Inspire Investing LLC grew its position in Lindsay by 1.8% in the third quarter. Inspire Investing LLC now owns 5,686 shares of the industrial products company's stock worth $637,000 after acquiring an additional 100 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Lindsay by 4.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company's stock valued at $363,000 after purchasing an additional 120 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Lindsay by 1.3% during the third quarter. Assenagon Asset Management S.A. now owns 10,744 shares of the industrial products company's stock valued at $1,203,000 after purchasing an additional 134 shares in the last quarter. Hantz Financial Services Inc. raised its position in Lindsay by 53.1% during the third quarter. Hantz Financial Services Inc. now owns 421 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 146 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Lindsay by 9.0% during the second quarter. Van ECK Associates Corp now owns 2,211 shares of the industrial products company's stock worth $274,000 after purchasing an additional 183 shares during the last quarter. 89.94% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts have weighed in on LNN shares. Weiss Ratings lowered Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, October 16th. Stifel Nicolaus lowered their price target on Lindsay from $121.00 to $119.00 and set a "hold" rating on the stock in a report on Friday, October 23rd. Finally, Zacks Research downgraded Lindsay from a "hold" rating to a "strong sell" rating in a research report on Thursday, October 29th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $119.00.
Read Our Latest Stock Analysis on LNN
Lindsay Company Profile
(
Get Free Report)
Lindsay Corporation is a manufacturer of irrigation and infrastructure equipment. Founded in 1955 and headquartered in Omaha, Nebraska, the company is best known for its Zimmatic center-pivot and lateral-move irrigation systems, which help farmers apply water to crops. Its agricultural technology offerings also include FieldNET, a platform for remotely monitoring and controlling irrigation equipment. Lindsay's infrastructure business supplies products and systems for transportation safety and traffic management.
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