Lindsay Co. (NYSE:LNN – Get Rating) – Stock analysts at William Blair upped their Q3 2023 earnings per share (EPS) estimates for shares of Lindsay in a report released on Monday, January 9th. William Blair analyst B. Drab now anticipates that the industrial products company will post earnings of $2.27 per share for the quarter, up from their previous estimate of $2.14. The consensus estimate for Lindsay’s current full-year earnings is $6.99 per share. William Blair also issued estimates for Lindsay’s Q4 2023 earnings at $1.41 EPS, FY2023 earnings at $6.58 EPS and FY2024 earnings at $7.45 EPS.
Lindsay (NYSE:LNN – Get Rating) last announced its quarterly earnings data on Thursday, January 5th. The industrial products company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.18 by $0.47. The company had revenue of $176.20 million for the quarter, compared to the consensus estimate of $178.10 million. Lindsay had a return on equity of 19.74% and a net margin of 9.71%. Lindsay’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 EPS.
Lindsay Stock Performance
Shares of Lindsay stock opened at $155.67 on Wednesday. The stock’s fifty day moving average is $167.57 and its two-hundred day moving average is $157.12. The company has a market capitalization of $1.71 billion, a PE ratio of 22.66 and a beta of 0.63. The company has a quick ratio of 1.97, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. Lindsay has a 52 week low of $116.77 and a 52 week high of $183.08.
Institutional Investors Weigh In On Lindsay
Hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of Lindsay by 461.5% during the 2nd quarter. Millennium Management LLC now owns 150,404 shares of the industrial products company’s stock worth $19,977,000 after purchasing an additional 123,619 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Lindsay by 5.9% during the 1st quarter. BlackRock Inc. now owns 1,886,075 shares of the industrial products company’s stock worth $296,133,000 after purchasing an additional 104,363 shares during the last quarter. Amundi lifted its stake in shares of Lindsay by 24.0% during the 2nd quarter. Amundi now owns 273,406 shares of the industrial products company’s stock worth $36,070,000 after purchasing an additional 52,936 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Lindsay by 1,276.9% during the 2nd quarter. Renaissance Technologies LLC now owns 53,700 shares of the industrial products company’s stock worth $7,132,000 after purchasing an additional 49,800 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Lindsay by 11.2% during the 2nd quarter. State Street Corp now owns 416,378 shares of the industrial products company’s stock worth $55,303,000 after purchasing an additional 41,870 shares during the last quarter. 84.79% of the stock is currently owned by hedge funds and other institutional investors.
Lindsay Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date was Tuesday, November 15th. Lindsay’s dividend payout ratio is 19.80%.
Lindsay Company Profile
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company 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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