Lindsay (NYSE:LNN) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of Lindsay (NYSE:LNN) from a strong sell rating to a hold rating in a research report released on Wednesday morning,Zacks reports.

Several other research analysts also recently weighed in on LNN. Weiss Ratings raised shares of Lindsay from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, September 2nd. Stifel Nicolaus set a $121.00 price target on shares of Lindsay in a research report on Thursday, September 24th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay presently has an average rating of “Hold” and an average target price of $121.00.

Lindsay Stock Up 0.7%

Shares of Lindsay stock opened at $112.67 on Wednesday. Lindsay has a 12-month low of $97.27 and a 12-month high of $148.00. The firm has a market capitalization of $1.15 billion, a PE ratio of 21.63 and a beta of 0.69. The company has a quick ratio of 2.04, a current ratio of 2.93 and a debt-to-equity ratio of 0.23. The stock’s fifty day moving average is $115.74 and its 200-day moving average is $114.16.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The firm had revenue of $160.76 million for the quarter, compared to analysts’ expectations of $157.80 million. During the same quarter last year, the business posted $1.78 EPS. Lindsay’s revenue was down 5.2% on a year-over-year basis. Equities analysts anticipate that Lindsay will post 5.19 earnings per share for the current year.

Lindsay Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a $0.38 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. Lindsay’s dividend payout ratio is currently 29.17%.

Institutional Trading of Lindsay

A number of hedge funds have recently made changes to their positions in LNN. Squarepoint Ops LLC raised its holdings in shares of Lindsay by 103.4% during the second quarter. Squarepoint Ops LLC now owns 17,287 shares of the industrial products company’s stock worth $2,140,000 after acquiring an additional 8,787 shares in the last quarter. Sei Investments Co. increased its position in Lindsay by 161.9% in the 1st quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock worth $2,018,000 after purchasing an additional 10,477 shares during the last quarter. BlackRock Inc. acquired a new position in Lindsay in the 2nd quarter worth about $219,361,000. Bank of New York Mellon Corp purchased a new stake in shares of Lindsay during the 2nd quarter worth about $11,869,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Lindsay during the 2nd quarter worth about $1,283,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

About Lindsay

Lindsay Corporation (NYSE:LNN) is a global manufacturer of irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company serves agricultural, transportation and public-sector customers through operations and distribution networks in North America and international markets.

Its irrigation business develops and manufactures mechanized irrigation systems, including center-pivot and lateral-move systems sold under the Zimmatic brand. Lindsay also provides irrigation controls, remote monitoring and farm-management technologies, including its FieldNET platform, which helps growers manage water application and system performance.

Through its infrastructure business, Lindsay supplies road-safety and transportation products such as movable barrier systems marketed under the Road Zipper brand, crash cushions, barriers and related roadway equipment.