Lindsay (NYSE:LNN) Sees Large Volume Increase – Still a Buy?

Lindsay Corporation (NYSE:LNN) shares saw unusually-strong trading volume on Tuesday . Approximately 123,070 shares traded hands during mid-day trading, a decline of 15% from the previous session’s volume of 145,007 shares.The stock last traded at $110.04 and had previously closed at $109.19.

Analyst Ratings Changes

Several analysts recently commented on LNN shares. Zacks Research lowered Lindsay from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 7th. Weiss Ratings lowered Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. Finally, Stifel Nicolaus reduced their price objective on Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research note on Monday, April 6th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Lindsay has a consensus rating of “Reduce” and an average price target of $113.00.

Lindsay Stock Down 0.8%

The company has a debt-to-equity ratio of 0.23, a current ratio of 3.02 and a quick ratio of 2.15. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 20.18 and a beta of 0.73. The firm has a 50 day moving average price of $110.98 and a 200-day moving average price of $119.07.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The firm had revenue of $157.72 million for the quarter, compared to analyst estimates of $163.52 million. During the same period last year, the company earned $2.44 EPS. The company’s revenue was down 15.7% compared to the same quarter last year. As a group, equities analysts predict that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, May 15th. Lindsay’s dividend payout ratio is 27.11%.

Institutional Investors Weigh In On Lindsay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Lindsay by 1.4% in the first quarter. Bank of America Corp DE now owns 32,046 shares of the industrial products company’s stock valued at $3,816,000 after purchasing an additional 430 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Lindsay by 63.5% in the first quarter. Quantinno Capital Management LP now owns 7,596 shares of the industrial products company’s stock valued at $904,000 after purchasing an additional 2,950 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Lindsay by 2.1% in the first quarter. Public Employees Retirement System of Ohio now owns 11,600 shares of the industrial products company’s stock valued at $1,381,000 after purchasing an additional 243 shares during the last quarter. Sei Investments Co. increased its holdings in Lindsay by 161.9% in the first quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock valued at $2,018,000 after purchasing an additional 10,477 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased 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 valued at $363,000 after purchasing an additional 120 shares during the last quarter. Institutional investors own 89.94% of the company’s stock.

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.