Lindsay (NYSE:LNN) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Lindsay (NYSE:LNN) from a hold rating to a strong sell rating in a research report report published on Thursday,Zacks reports.

A number of other analysts have also recently issued reports on the stock. Stifel Nicolaus reduced their price objective on shares of Lindsay from $121.00 to $119.00 and set a “hold” rating for the company in a research note on Friday, October 23rd. Weiss Ratings cut shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 16th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $119.00.

Lindsay Price Performance

Shares of NYSE LNN opened at $107.67 on Thursday. Lindsay has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The company has a 50 day simple moving average of $113.70 and a two-hundred day simple moving average of $117.03. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 20.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.25 and a current ratio of 3.15.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.12. Lindsay had a return on equity of 10.96% and a net margin of 8.75%. The company had revenue of $161.57 million during the quarter, compared to analyst estimates of $147.56 million. During the same quarter last year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that Lindsay will post 4.70 EPS for the current fiscal year.

Lindsay Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, November 16th. Lindsay’s dividend payout ratio is presently 28.57%.

Institutional Investors Weigh In On Lindsay

Several institutional investors and hedge funds have recently modified their holdings of the stock. Putney Financial Group LLC bought a new position in shares of Lindsay during the 3rd quarter valued at about $152,000. ProShare Advisors LLC grew its position in shares of Lindsay by 47.4% during the third quarter. ProShare Advisors LLC now owns 87,868 shares of the industrial products company’s stock valued at $9,836,000 after purchasing an additional 28,256 shares in the last quarter. Inspire Investing LLC grew its position in shares of Lindsay by 1.8% during the third quarter. Inspire Investing LLC now owns 5,686 shares of the industrial products company’s stock valued at $637,000 after purchasing an additional 100 shares in the last quarter. Cardinal Capital Management increased its holdings in shares of Lindsay by 6.8% in the third quarter. Cardinal Capital Management now owns 19,653 shares of the industrial products company’s stock worth $2,200,000 after purchasing an additional 1,249 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Lindsay by 86.2% in the third quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 237 shares during the last quarter. Institutional investors own 89.94% of the company’s stock.

About Lindsay

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.