Lindsay (NYSE:LNN) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Lindsay from “hold” to “strong sell.” Other analysts maintain mostly cautious views, with the stock carrying a consensus “Reduce” rating and an average price target of $119.
• Lindsay reported quarterly results above expectations, posting $1.10 in adjusted earnings per share versus the $0.98 consensus estimate and revenue of $161.57 million, up 5.2% year over year.
• The stock opened at $107.67, below its 50-day and 200-day moving averages, while institutional investors own approximately 89.94% of outstanding shares.

Lindsay (NYSE:LNN - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Thursday, Zacks reports.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus reduced their price target on Lindsay from $121.00 to $119.00 and set a "hold" rating for the company in a research report on Friday, October 23rd. Weiss Ratings lowered Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, October 16th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $119.00.

Lindsay Trading Up 1.2%

Lindsay stock opened at $107.67 on Thursday. The firm has a 50-day moving average of $113.70 and a 200-day moving average of $117.03. Lindsay has a one year low of $97.27 and a one year high of $148.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.15 and a quick ratio of 2.25. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 20.24 and a beta of 0.69.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.96% and a net margin of 8.75%. Lindsay's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.99 EPS. On average, equities analysts expect that Lindsay will post 4.70 earnings per share for the current fiscal year.

Institutional Trading of Lindsay

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC lifted its stake in shares of Lindsay by 1,295.8% during the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company's stock worth $40,000 after buying an additional 311 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Lindsay by 86.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company's stock worth $57,000 after buying an additional 237 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Lindsay by 126.3% during the 3rd quarter. GAMMA Investing LLC now owns 697 shares of the industrial products company's stock worth $78,000 after buying an additional 389 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Lindsay in the 2nd quarter valued at about $109,000. Finally, Nykredit A S acquired a new position in Lindsay in the 2nd quarter valued at about $123,000. Institutional investors own 89.94% of the company's stock.

About Lindsay

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.