Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Wednesday, July 19th, RTT News reports. Investors of record on Thursday, August 17th will be given a dividend of 0.30 per share by the industrial products company on Thursday, August 31st. This represents a $1.20 dividend on an annualized basis and a yield of 1.31%. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29.
Lindsay Corporation has raised its dividend by an average of 32.5% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Lindsay Corporation has a dividend payout ratio of 52.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Lindsay Corporation to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 37.9%.
Shares of Lindsay Corporation (NYSE:LNN) opened at 91.74 on Thursday. The company’s 50-day moving average price is $87.58 and its 200-day moving average price is $82.91. The company has a market capitalization of $980.61 million, a price-to-earnings ratio of 39.75 and a beta of 0.43. Lindsay Corporation has a 52-week low of $66.99 and a 52-week high of $92.74.
Lindsay Corporation (NYSE:LNN) last announced its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.95 by $0.07. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The business had revenue of $151.50 million during the quarter, compared to the consensus estimate of $145.30 million. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that Lindsay Corporation will post $2.23 EPS for the current fiscal year.
In other news, insider David B. Downing sold 7,000 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is owned by insiders.
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Several research analysts have commented on the stock. BidaskClub downgraded shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 8th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Wednesday, July 12th. Piper Jaffray Companies boosted their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd. Sidoti restated a “buy” rating and set a $107.00 price objective (up from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Finally, Stifel Nicolaus restated a “hold” rating and set a $76.00 price objective (up from $75.00) on shares of Lindsay Corporation in a research report on Sunday, April 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Lindsay Corporation presently has a consensus rating of “Buy” and an average price target of $91.00.
Lindsay Corporation Company Profile
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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