Lindsay (NYSE:LNN) Stock Gets Downgrade from Zacks Research

Lindsay (NYSE:LNN) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Thursday, Zacks reports.

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

Lindsay Stock Up 1.2%

Lindsay stock opened at $107.67 on Thursday. The firm has a market cap 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 current ratio of 3.15 and a quick ratio of 2.25. Lindsay has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The firm has a fifty day moving average price of $113.70 and a two-hundred day moving average price of $117.03.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.12. The company had revenue of $161.57 million during the quarter, compared to analysts’ expectations of $147.56 million. Lindsay had a net margin of 8.75% and a return on equity of 10.96%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 earnings per share. As a group, analysts forecast that Lindsay will post 4.70 earnings per share for the current year.

Hedge Funds Weigh In On Lindsay

Several large investors have recently bought and sold shares of the stock. Squarepoint Ops LLC raised its position 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 valued at $2,140,000 after buying an additional 8,787 shares during the last quarter. Bank of America Corp DE acquired a new stake in Lindsay during the second quarter worth about $4,283,000. BlackRock Inc. acquired a new stake in Lindsay during the second quarter worth about $219,361,000. Sei Investments Co. increased its stake in Lindsay by 161.9% during the first quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock valued at $2,018,000 after acquiring an additional 10,477 shares during the period. Finally, Amundi increased its stake in Lindsay by 64.4% during the second quarter. Amundi now owns 423,312 shares of the industrial products company’s stock valued at $52,376,000 after acquiring an additional 165,745 shares during the period. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Lindsay Company Profile

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.