Lindsay Corporation (NYSE:LNN)‘s stock had its “hold” rating restated by analysts at Piper Jaffray Companies in a note issued to investors on Sunday, September 10th. They presently have a $80.00 price target on the industrial products company’s stock. Piper Jaffray Companies’ price target suggests a potential downside of 10.18% from the company’s current price.
A number of other brokerages have also recently weighed in on LNN. Zacks Investment Research raised shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Monday, July 31st. BidaskClub cut shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Sidoti reissued a “buy” rating and set a $107.00 target price (up from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Boenning Scattergood reissued a “hold” rating on shares of Lindsay Corporation in a research report on Thursday, June 29th. Finally, Stifel Nicolaus set a $76.00 target price on shares of Lindsay Corporation and gave the stock a “hold” rating in a research report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $91.50.
Lindsay Corporation (NYSE:LNN) opened at 89.07 on Friday. The company’s 50-day moving average is $87.54 and its 200 day moving average is $86.23. The stock has a market capitalization of $952.07 million, a price-to-earnings ratio of 38.59 and a beta of 0.46. Lindsay Corporation has a one year low of $69.11 and a one year high of $95.04.
Lindsay Corporation (NYSE:LNN) last announced its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.07. The firm had revenue of $151.50 million for the quarter, compared to analysts’ expectations of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. Lindsay Corporation’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. Equities analysts expect that Lindsay Corporation will post $2.23 EPS for the current year.
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In other Lindsay Corporation news, insider David B. Downing sold 7,000 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $89.28, for a total transaction of $624,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rick Parod sold 77,387 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total transaction of $7,078,588.89. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC acquired a new position in shares of Lindsay Corporation during the second quarter valued at $205,000. CS Mckee LP boosted its holdings in shares of Lindsay Corporation by 0.6% during the second quarter. CS Mckee LP now owns 17,850 shares of the industrial products company’s stock valued at $1,593,000 after acquiring an additional 100 shares during the period. State Street Corp boosted its holdings in shares of Lindsay Corporation by 3.8% during the second quarter. State Street Corp now owns 269,948 shares of the industrial products company’s stock valued at $24,094,000 after acquiring an additional 9,763 shares during the period. Flinton Capital Management LLC boosted its holdings in shares of Lindsay Corporation by 72.7% during the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after acquiring an additional 544 shares during the period. Finally, OxFORD Asset Management LLP acquired a new position in shares of Lindsay Corporation during the second quarter valued at $219,000. Hedge funds and other institutional investors own 97.44% of the company’s stock.
About Lindsay Corporation
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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