Lindsay Co. (NYSE:LNN) to Issue $0.31 Quarterly Dividend

Lindsay Co. (NYSE:LNN) declared a quarterly dividend on Monday, July 1st, RTT News reports. Investors of record on Friday, August 16th will be given a dividend of 0.31 per share by the industrial products company on Friday, August 30th. This represents a $1.24 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Thursday, August 15th.

Lindsay has increased its dividend by an average of 3.5% per year over the last three years and has raised 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. Equities research analysts expect Lindsay to earn $2.64 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 47.0%.

Shares of NYSE LNN opened at $89.02 on Wednesday. The stock has a market cap of $968.51 million, a P/E ratio of 30.28 and a beta of 0.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.65 and a quick ratio of 2.60. The business’s 50-day simple moving average is $86.71. Lindsay has a 1 year low of $73.00 and a 1 year high of $109.50.

Lindsay (NYSE:LNN) last announced its quarterly earnings results on Tuesday, July 9th. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.31). The business had revenue of $121.10 million for the quarter, compared to analysts’ expectations of $128.63 million. Lindsay had a return on equity of 5.24% and a net margin of 1.21%. The firm’s quarterly revenue was down 28.6% on a year-over-year basis. During the same period last year, the firm earned $1.66 earnings per share. Equities analysts anticipate that Lindsay will post 1.22 earnings per share for the current year.

LNN has been the subject of a number of recent analyst reports. ValuEngine raised Lindsay from a “hold” rating to a “buy” rating in a report on Tuesday, July 9th. Boenning Scattergood downgraded Lindsay from an “outperform” rating to a “neutral” rating in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $102.60.

About Lindsay

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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Dividend History for Lindsay (NYSE:LNN)

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