Lindsay (NYSE:LNN) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Lindsay (NYSE:LNN) from a strong sell rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Weiss Ratings downgraded shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Lindsay has an average rating of “Hold” and an average price target of $113.00.

Lindsay Stock Performance

Lindsay stock opened at $114.74 on Monday. The company has a current ratio of 3.02, a quick ratio of 2.15 and a debt-to-equity ratio of 0.23. Lindsay has a 1 year low of $97.27 and a 1 year high of $150.96. The company has a market cap of $1.19 billion, a PE ratio of 21.02 and a beta of 0.72. The company’s 50-day moving average is $109.97 and its two-hundred day moving average is $119.21.

Lindsay (NYSE:LNN) last announced its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.45). The firm had revenue of $157.72 million during the quarter, compared to analyst estimates of $163.52 million. Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.44 earnings per share. Equities analysts anticipate that Lindsay will post 5.19 earnings per share for the current year.

Lindsay Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.3%. Lindsay’s dividend payout ratio (DPR) is currently 27.11%.

Hedge Funds Weigh In On Lindsay

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pier Capital LLC boosted its position in Lindsay by 34.0% during the third quarter. Pier Capital LLC now owns 71,799 shares of the industrial products company’s stock worth $10,092,000 after purchasing an additional 18,205 shares during the period. HighTower Advisors LLC boosted its position in Lindsay by 6.3% during the third quarter. HighTower Advisors LLC now owns 71,635 shares of the industrial products company’s stock worth $10,069,000 after purchasing an additional 4,273 shares during the period. Assenagon Asset Management S.A. boosted its position in Lindsay by 312.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 9,806 shares of the industrial products company’s stock worth $1,156,000 after purchasing an additional 7,427 shares during the period. Public Sector Pension Investment Board boosted its position in Lindsay by 14.3% during the third quarter. Public Sector Pension Investment Board now owns 42,359 shares of the industrial products company’s stock worth $5,954,000 after purchasing an additional 5,285 shares during the period. Finally, WINTON GROUP Ltd boosted its position in Lindsay by 1,488.1% during the fourth quarter. WINTON GROUP Ltd now owns 32,017 shares of the industrial products company’s stock worth $3,774,000 after purchasing an additional 30,001 shares during the period. 89.94% of the stock is owned by institutional investors.

Lindsay Company Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.