Lindsay (NYSE:LNN) Shares Gap Up After Strong Earnings

Lindsay Corporation (NYSE:LNN) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $106.59, but opened at $112.39. Lindsay shares last traded at $112.54, with a volume of 32,463 shares.

The industrial products company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.12. Lindsay had a return on equity of 10.73% and a net margin of 8.79%. During the same period in the previous year, the business earned $0.99 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 30th. Weiss Ratings downgraded shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 16th. Finally, Stifel Nicolaus set a $121.00 target price on shares of Lindsay in a report on Thursday, September 24th. Three equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Lindsay presently has a consensus rating of “Hold” and an average target price of $121.00.

Institutional Investors Weigh In On Lindsay

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in shares of Lindsay by 1,295.8% in the first quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock worth $40,000 after buying an additional 311 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Lindsay by 86.2% during the third quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 237 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Lindsay by 126.3% during the third quarter. GAMMA Investing LLC now owns 697 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 389 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in Lindsay during the second quarter valued at $109,000. Finally, Nykredit A S purchased a new position in Lindsay during the second quarter valued at $123,000. Institutional investors own 89.94% of the company’s stock.

Lindsay Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The company has a market capitalization of $1.14 billion, a P/E ratio of 21.68 and a beta of 0.69. The business’s fifty day simple moving average is $115.00 and its 200-day simple moving average is $113.65.

Lindsay Company Profile

Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company’s irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water.

Lindsay’s irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely.