Lindsay Co. (NYSE:LNN) Declares Quarterly Dividend of $0.36

Lindsay Co. (NYSE:LNN) announced a quarterly dividend on Friday, June 28th, RTT News reports. Shareholders of record on Friday, August 16th will be given a dividend of 0.36 per share by the industrial products company on Friday, August 30th. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. This is an increase from Lindsay’s previous quarterly dividend of $0.35.

Lindsay has increased its dividend payment by an average of 2.8% per year over the last three years and has increased its dividend annually for the last 21 consecutive years. Lindsay has a payout ratio of 25.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Lindsay to earn $5.67 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 24.7%.

Lindsay Stock Down 5.1 %

NYSE LNN opened at $122.89 on Friday. Lindsay has a 1-year low of $106.46 and a 1-year high of $137.31. The stock’s 50 day moving average is $116.57 and its two-hundred day moving average is $121.37. The company has a current ratio of 3.95, a quick ratio of 2.58 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 18.65 and a beta of 0.61.

Lindsay (NYSE:LNN) last posted its earnings results on Thursday, June 27th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.68. Lindsay had a net margin of 11.75% and a return on equity of 14.41%. The company had revenue of $139.20 million during the quarter, compared to analysts’ expectations of $144.38 million. During the same quarter in the previous year, the company posted $1.53 earnings per share. Lindsay’s quarterly revenue was down 15.4% compared to the same quarter last year. Equities analysts forecast that Lindsay will post 5.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Northcoast Research raised shares of Lindsay from a “neutral” rating to a “buy” rating and set a $142.00 target price for the company in a report on Friday, April 5th. TheStreet cut shares of Lindsay from a “b-” rating to a “c+” rating in a research report on Tuesday, March 5th. Finally, StockNews.com cut shares of Lindsay from a “buy” rating to a “hold” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.33.

Lindsay Company Profile

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.