Lindsay (NYSE:LNN) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Lindsay (NYSE:LNN) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Lindsay Stock Up 1.8 %

Shares of NYSE:LNN opened at $119.72 on Tuesday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 19.89 and a beta of 0.66. Lindsay has a 12-month low of $109.27 and a 12-month high of $135.20. The business has a 50-day moving average price of $125.54 and a 200 day moving average price of $121.86. The company has a current ratio of 3.92, a quick ratio of 2.69 and a debt-to-equity ratio of 0.24.

Lindsay (NYSE:LNN) last announced its quarterly earnings results on Tuesday, January 7th. The industrial products company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.18. Lindsay had a net margin of 10.91% and a return on equity of 12.86%. The business had revenue of $166.30 million during the quarter, compared to analysts’ expectations of $169.78 million. During the same period last year, the business earned $1.36 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts expect that Lindsay will post 5.64 EPS for the current year.

Lindsay Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.20%. Lindsay’s dividend payout ratio is currently 23.92%.

Hedge Funds Weigh In On Lindsay

Several hedge funds have recently bought and sold shares of LNN. US Bancorp DE grew its position in Lindsay by 45.9% in the 3rd quarter. US Bancorp DE now owns 267 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 84 shares in the last quarter. CWM LLC increased its stake in Lindsay by 16.8% during the 3rd quarter. CWM LLC now owns 638 shares of the industrial products company’s stock worth $80,000 after buying an additional 92 shares during the period. GAMMA Investing LLC lifted its holdings in Lindsay by 90.3% during the 4th quarter. GAMMA Investing LLC now owns 276 shares of the industrial products company’s stock worth $33,000 after buying an additional 131 shares in the last quarter. Quadrature Capital Ltd increased its position in shares of Lindsay by 6.8% during the third quarter. Quadrature Capital Ltd now owns 3,140 shares of the industrial products company’s stock worth $392,000 after acquiring an additional 200 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Lindsay by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 10,278 shares of the industrial products company’s stock valued at $1,263,000 after purchasing an additional 347 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.

About Lindsay

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.