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

Lindsay Corporation (NYSE:LNN) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $121.07, but opened at $129.35. Lindsay shares last traded at $123.3050, with a volume of 41,160 shares changing hands.

The industrial products company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.14 by $0.39. The company had revenue of $160.76 million during the quarter, compared to analyst estimates of $157.80 million. Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.78 EPS.

Analyst Ratings Changes

Several equities research analysts recently issued reports on LNN shares. Weiss Ratings cut Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Zacks Research raised Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, Stifel Nicolaus decreased their target price on Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $113.00.

Institutional Investors Weigh In On Lindsay

A number of hedge funds have recently modified their holdings of the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Lindsay in the fourth quarter worth about $25,000. Advisory Services Network LLC purchased a new stake in Lindsay during the 3rd quarter valued at about $30,000. Parallel Advisors LLC grew its stake in Lindsay by 1,295.8% during the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 311 shares in the last quarter. Copeland Capital Management LLC acquired a new stake in Lindsay in the 4th quarter valued at about $62,000. Finally, Kestra Advisory Services LLC acquired a new stake in Lindsay in the 4th quarter valued at about $83,000. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Lindsay Price Performance

The firm has a market capitalization of $1.25 billion, a PE ratio of 22.47 and a beta of 0.69. The stock’s 50 day simple moving average is $112.94 and its two-hundred day simple moving average is $119.42. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.15 and a current ratio of 3.02.

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.