Lindsay (NYSE:LNN) Shares Gap Up – Still a Buy?

Shares of Lindsay Corporation (NYSE:LNN) gapped up prior to trading on Friday . The stock had previously closed at $120.53, but opened at $124.22. Lindsay shares last traded at $124.2170, with a volume of 4,835 shares.

Wall Street Analyst Weigh In

Several research firms have weighed in on LNN. Stifel Nicolaus cut their price objective on Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Zacks Research upgraded Lindsay from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Finally, Weiss Ratings lowered Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 21st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $113.00.

Lindsay Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.15 and a current ratio of 3.02. The business’s 50-day moving average is $111.65 and its 200-day moving average is $119.33. The company has a market capitalization of $1.30 billion, a PE ratio of 22.93 and a beta of 0.72.

Lindsay (NYSE:LNN) last announced its quarterly earnings data 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). Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The business had revenue of $157.72 million during the quarter, compared to analysts’ expectations of $163.52 million. During the same quarter last year, the company posted $2.44 EPS. Lindsay’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, research analysts anticipate that Lindsay Corporation will post 5.16 earnings per share for the current year.

Lindsay Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 15th. Lindsay’s payout ratio is currently 27.11%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its holdings in Lindsay by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company’s stock worth $363,000 after acquiring an additional 120 shares in the last quarter. Sei Investments Co. raised its position in shares of Lindsay by 2.3% in the 2nd quarter. Sei Investments Co. now owns 6,466 shares of the industrial products company’s stock worth $933,000 after purchasing an additional 145 shares during the last quarter. Chatham Capital Group Inc. boosted its stake in Lindsay by 1.4% in the 4th quarter. Chatham Capital Group Inc. now owns 12,440 shares of the industrial products company’s stock worth $1,466,000 after purchasing an additional 170 shares in the last quarter. Diversified Trust Co boosted its stake in Lindsay by 8.8% in the 1st quarter. Diversified Trust Co now owns 2,165 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 175 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Lindsay by 11.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,739 shares of the industrial products company’s stock valued at $244,000 after purchasing an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

About Lindsay

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.