Lindsay (NYSE:LNN) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Lindsay from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $121 price target.
• Lindsay shares opened at $112.67, with a $1.15 billion market capitalization and a 52-week trading range of $97.27 to $148.00.
• The company beat quarterly earnings expectations, reporting $1.53 in EPS versus the $1.14 consensus and revenue of $160.76 million, although revenue declined 5.2% year over year.

Lindsay (NYSE:LNN - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday, Zacks reports.

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

Lindsay Price Performance

Shares of NYSE:LNN opened at $112.67 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. Lindsay has a one year low of $97.27 and a one year high of $148.00. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 21.63 and a beta of 0.69. The firm has a 50 day simple moving average of $115.74 and a 200 day simple moving average of $114.16.

Lindsay (NYSE:LNN - Get Free Report) last posted its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.39. The company had revenue of $160.76 million for the quarter, compared to analyst estimates of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The firm's quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.78 earnings per share. Research analysts predict that Lindsay will post 5.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LNN. BlackRock Inc. purchased a new position in shares of Lindsay during the second quarter valued at approximately $219,361,000. Amundi boosted its stake in shares of Lindsay by 64.4% in the second quarter. Amundi now owns 423,312 shares of the industrial products company's stock worth $52,376,000 after buying an additional 165,745 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Lindsay by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company's stock valued at $41,953,000 after buying an additional 6,748 shares during the period. KBC Group NV increased its position in shares of Lindsay by 15.0% in the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company's stock valued at $32,017,000 after buying an additional 35,061 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Lindsay during the second quarter valued at approximately $23,537,000. 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.

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