Lindsay Buys Minority Interest in Pessl to Boost AgTech Portfolio

Lindsay Corporation LNN announced that it completed its previously announced deal to acquire a 49.9% minority interest in Pessl Instruments GmbH. This move will enhance LNN's position as an irrigation management and scheduling solution provider in the industry.Details on Lindsay-Pessl Instruments DealLindsay inked a deal with Pessl on April 3, 2024, to acquire 49.9% minority interests with the option to purchase the remaining shares at a later date. In May 2023, the companies initially formed a 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.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 100,000 connected in-field data-collection devices worldwide, with 50,000 active clients using the FieldClimate online interface.LNN’s Benefits From Pessl DealUnder this acquisition, Lindsay will benefit from Pessl’s leading position in specialty crop applications, whereas the latter will benefit from LNN’s leading position in row crop applications. Customers using Lindsay's FieldNET and Pessl's METOS solutions will gain from advanced agronomic insights, which will provide them with informed decisions for healthier crops, optimized resource use and higher yields. Lindsay's investment in Pessl accelerates innovation in agricultural technology, supporting efforts to meet the increasing global demands for food, fuel and fiber.Lindsay Stock’s Price PerformanceThe company’s shares have lost 11.4% in the past year against the industry’s growth of 1.7%. Image Source: Zacks Investment Research LNN’s Zacks Rank & Stocks to ConsiderLindsay currently carries a Zacks Rank #4 (Sell).Some better-ranked stocks from the Industrial Products sector are Graham Corporation GHM, Federal Signal Corporation FSS and Gates Industrial Corporation plc GTES. GHM sports a Zacks Rank #1 (Strong Buy), and FSS and GTES have a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.Graham delivered an average trailing four-quarter earnings surprise of 101.85%. The Zacks Consensus Estimate for GHM’s 2024 earnings is pinned at $1.03 per share, which indicates a year-over-year surge of 145.2%. The company’s shares have skyrocketed 136.8% in a year.Federal Signal delivered an average trailing four-quarter earnings surprise of 11.8%. The Zacks Consensus Estimate for FSS’s 2024 earnings is pinned at $3.34 per share, which indicates year-over-year growth of 29.5%. The company’s shares have gained 40% in a year.The Zacks Consensus Estimate for Gates Industrial’s 2024 earnings is pegged at $1.34  per share. The company delivered a trailing four-quarter average earnings surprise of 11.8%. GTES’ shares have gained 55.9% in a year.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lindsay Corporation (LNN): Free Stock Analysis Report Federal Signal Corporation (FSS): Free Stock Analysis Report Graham Corporation (GHM): Free Stock Analysis Report Gates Industrial Corporation PLC (GTES): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks