Lindsay (NYSE:LNN) Sees Large Volume Increase - Still a Buy?

Key Points

• Lindsay Corporation shares experienced a trading volume drop of 14% with around 83,278 shares traded, while the stock is currently priced at $139.99.
• Stifel Nicolaus raised their price target for Lindsay from $128.00 to $136.00 and maintains a "hold" rating on the stock.
• Recent transactions indicate institutional interest, with nearly 90% of the company's stock owned by institutional investors and hedge funds.

Lindsay Corporation (NYSE:LNN - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 83,278 shares were traded during mid-day trading, a decline of 14% from the previous session's volume of 96,857 shares.The stock last traded at $139.99 and had previously closed at $140.56.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus upped their price objective on shares of Lindsay from $128.00 to $136.00 and gave the company a "hold" rating in a report on Friday, June 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $136.00.

Lindsay Stock Performance

The firm's 50 day simple moving average is $138.58 and its 200 day simple moving average is $135.59. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 20.16 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64.

Insiders Place Their Bets

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the completion of the transaction, the director directly owned 3,274 shares of the company's stock, valued at approximately $465,169.92. The trade was a 36.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Lindsay

Large investors have recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in Lindsay during the second quarter valued at $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Lindsay during the 1st quarter worth about $31,000. State of Wyoming acquired a new stake in shares of Lindsay during the 1st quarter valued at about $52,000. GAMMA Investing LLC increased its stake in shares of Lindsay by 55.8% in the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 154 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in Lindsay in the 2nd quarter worth about $159,000. 89.94% of the stock is currently owned by institutional investors and hedge funds.

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.

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