Lindsay Co. (NYSE:LNN) declared a quarterly dividend on Tuesday, April 2nd, Wall Street Journal reports. Stockholders of record on Friday, May 17th will be paid a dividend of 0.31 per share by the industrial products company on Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Thursday, May 16th.
Lindsay has raised its dividend by an average of 3.5% annually over the last three years and has increased its dividend every year for the last 16 years. Lindsay has a dividend payout ratio of 36.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Lindsay to earn $3.14 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 39.5%.
Shares of NYSE:LNN opened at $86.74 on Friday. The firm has a market capitalization of $930.65 million, a PE ratio of 34.79 and a beta of 0.26. Lindsay has a one year low of $82.41 and a one year high of $109.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.63 and a current ratio of 3.85.
LNN has been the topic of a number of research analyst reports. ValuEngine lowered shares of Lindsay from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Boenning Scattergood reissued a “buy” rating and issued a $132.00 price target on shares of Lindsay in a report on Thursday, February 28th. Finally, Zacks Investment Research raised shares of Lindsay from a “sell” rating to a “hold” rating in a report on Tuesday, February 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Lindsay currently has an average rating of “Hold” and a consensus target price of $102.60.
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Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.
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