BidaskClub downgraded shares of Lindsay Corporation (NYSE:LNN) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Several other equities research analysts also recently issued reports on LNN. Zacks Investment Research upgraded Lindsay Corporation from a hold rating to a buy rating and set a $103.00 price target for the company in a report on Monday, July 31st. Piper Jaffray Companies set a $80.00 price objective on Lindsay Corporation and gave the stock a hold rating in a research report on Saturday, August 5th. Stifel Nicolaus set a $76.00 price objective on Lindsay Corporation and gave the stock a hold rating in a research report on Friday, August 18th. Sidoti reissued a buy rating and issued a $107.00 price objective (up previously from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Finally, Boenning Scattergood reissued a hold rating on shares of Lindsay Corporation in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $91.50.

Shares of Lindsay Corporation (NYSE LNN) opened at 85.44 on Friday. The firm has a market capitalization of $913.27 million, a PE ratio of 37.02 and a beta of 0.43. The firm has a 50-day moving average of $89.60 and a 200-day moving average of $85.39. Lindsay Corporation has a 1-year low of $69.11 and a 1-year high of $95.04.

Lindsay Corporation (NYSE:LNN) last announced its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The business had revenue of $151.50 million during the quarter, compared to the consensus estimate of $145.30 million. During the same quarter in the prior year, the company posted $0.90 earnings per share. Lindsay Corporation’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that Lindsay Corporation will post $2.23 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $1.20 annualized dividend and a yield of 1.40%. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s payout ratio is currently 52.17%.

In other news, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of LNN. State of Alaska Department of Revenue boosted its position in shares of Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock worth $103,000 after buying an additional 20 shares in the last quarter. Flinton Capital Management LLC boosted its position in shares of Lindsay Corporation by 72.7% in the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock worth $115,000 after buying an additional 544 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Lindsay Corporation by 13.7% in the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock worth $117,000 after buying an additional 160 shares in the last quarter. Acrospire Investment Management LLC boosted its position in shares of Lindsay Corporation by 467.1% in the second quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock worth $128,000 after buying an additional 1,177 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Lindsay Corporation during the first quarter worth approximately $133,000. 97.44% of the stock is currently owned by hedge funds and other institutional investors.

Lindsay Corporation Company Profile

Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.

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