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Lindsay (NYSE:LNN) Corporation’s stock reached a significant milestone, hitting a 52-week high of 145.3 USD, with the stock currently trading at $146.87. According to InvestingPro data, the company has demonstrated strong financial health with an overall "GOOD" rating. This marks a notable achievement for the company, reflecting positive sentiment among investors. The stock has actually delivered an impressive 22.62% return over the past year, significantly outperforming initial estimates. The company maintains a strong dividend track record, having increased payouts for 22 consecutive years, with a current yield of 1.05%. The company’s performance in the market indicates resilience and potential for continued success, as it navigates the challenges and opportunities within its industry. With a healthy current ratio of 3.64 and more cash than debt on its balance sheet, Lindsay Corporation appears well-positioned for stability. Based on InvestingPro’s Fair Value analysis, the stock is currently trading near its fair value, with analysts setting price targets between $128 and $150.
In other recent news, Lindsay Corporation reported fiscal third quarter results that exceeded expectations, largely due to a robust performance in its international irrigation segment. The company achieved adjusted earnings per share of $1.78, surpassing analyst estimates of $1.41. Revenue for the quarter was reported at $169.5 million, exceeding the consensus forecast of $157.87 million. The international irrigation segment experienced a significant revenue increase of 60% year-over-year, reaching $74.7 million, driven by a major project in the Middle East and North Africa region and increased sales in Brazil and South America.
North America irrigation revenues showed a modest increase of 1% to $69.1 million, while the infrastructure segment saw a 6% rise to $25.7 million. Operating income grew by 19% to $23.8 million, although net earnings decreased by 4% to $19.5 million due to a one-time tax credit in the prior year. Despite market uncertainties, the company remains optimistic about potential sales of replacement parts amid drought conditions in the Midwest. Randy Wood, President and CEO, expressed confidence in international project opportunities to meet food security needs in developing markets.
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