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Lindsay (LNN) Inks Deal to Acquire Minority Interest in Pessl
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Lindsay Corporation (LNN - Free Report) announced that it entered an agreement to acquire a 49.9% minority interest in Pessl Instruments GmbH, with the option to acquire the remaining shares at a later date. This investment will support LNN's water management technologies, expanding its worldwide reach and providing innovative solutions for natural resource conservation.
Pessl, headquartered in Austria, is a prominent global provider of advanced agricultural technology solutions under the METOS brand. It provides IoT hardware and software solutions for making informed decisions, including field monitoring systems that collect a wide range of agronomic data and feed into Lindsay's award-winning FieldNET remote irrigation management platform. Pessl has more than 80,000 connected in-field data-collection devices worldwide, with 50,000 active clients using the FieldClimate online interface.
Lindsay's FieldNET Advisor platform, which synthesizes millions of data points to make custom recommendations to growers for precise, efficient water application, combined with METOS' leading-edge solution, will open up possibilities for ground-breaking innovations in the utilization of artificial intelligence in agriculture, grounded in measurable, precise and instantaneous data validation.
In May 2023, the companies initially formed a strategic collaboration to use their combined expertise to provide greater value to growers. The partnership has already demonstrated synergistic potential in unlocking incremental value and problem-solving solutions for agricultural producers globally.
Under this acquisition, Lindsay will benefit from Pessl’s leading position in specialty crop applications. Whereas, Pessl will benefit from Lindsay’s leading position in row crop applications.
The deal is expected to be completed in the second part of fiscal 2024, subject to usual closing conditions, including regulatory permits.
LNN continues to see project potential in the developing markets, boosted by global concerns about food security and grain supplies.
Price Performance
Lindsay’s shares have lost 8.9% in the past year against the industry’s growth of 3.8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
LNN currently carries a Zacks Rank #5 (Strong Sell).
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 43.3% in the past year.
The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is pegged at $1.15 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days and suggests year-over-year growth of 16.7%. The company has a trailing four-quarter average earnings surprise of 33%. CDRE shares have gained 72% in the past year.
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Lindsay (LNN) Inks Deal to Acquire Minority Interest in Pessl
Lindsay Corporation (LNN - Free Report) announced that it entered an agreement to acquire a 49.9% minority interest in Pessl Instruments GmbH, with the option to acquire the remaining shares at a later date. This investment will support LNN's water management technologies, expanding its worldwide reach and providing innovative solutions for natural resource conservation.
Pessl, headquartered in Austria, is a prominent global provider of advanced agricultural technology solutions under the METOS brand. It provides IoT hardware and software solutions for making informed decisions, including field monitoring systems that collect a wide range of agronomic data and feed into Lindsay's award-winning FieldNET remote irrigation management platform. Pessl has more than 80,000 connected in-field data-collection devices worldwide, with 50,000 active clients using the FieldClimate online interface.
Lindsay's FieldNET Advisor platform, which synthesizes millions of data points to make custom recommendations to growers for precise, efficient water application, combined with METOS' leading-edge solution, will open up possibilities for ground-breaking innovations in the utilization of artificial intelligence in agriculture, grounded in measurable, precise and instantaneous data validation.
In May 2023, the companies initially formed a strategic collaboration to use their combined expertise to provide greater value to growers. The partnership has already demonstrated synergistic potential in unlocking incremental value and problem-solving solutions for agricultural producers globally.
Under this acquisition, Lindsay will benefit from Pessl’s leading position in specialty crop applications. Whereas, Pessl will benefit from Lindsay’s leading position in row crop applications.
The deal is expected to be completed in the second part of fiscal 2024, subject to usual closing conditions, including regulatory permits.
LNN continues to see project potential in the developing markets, boosted by global concerns about food security and grain supplies.
Price Performance
Lindsay’s shares have lost 8.9% in the past year against the industry’s growth of 3.8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
LNN currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Industrial Products sector are Proto Labs, Inc. (PRLB - Free Report) , Applied Industrial Technologies (AIT - Free Report) and Cadre Holdings, Inc. (CDRE - Free Report) . PRLB currently sports a Zacks Rank #1 (Strong Buy), and AIT and CDRE carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Proto Labs’ 2024 earnings is pegged at $1.62 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days and suggests year-over-year growth of 1.9%. The company has a trailing four-quarter average earnings surprise of 42.2%. PRLB shares have gained 15.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been unchanged in the past 60 days. The company’s shares have gained 43.3% in the past year.
The Zacks Consensus Estimate for Cadre Holdings’ 2024 earnings is pegged at $1.15 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days and suggests year-over-year growth of 16.7%. The company has a trailing four-quarter average earnings surprise of 33%. CDRE shares have gained 72% in the past year.