Lindsay (NYSE:LNN) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Lindsay Corporation's stock price has recently surpassed its 200-day moving average, reaching as high as $137.26 during trading, indicating a potential upward trend.
• Stifel Nicolaus raised their price target on Lindsay's stock from $128.00 to $136.00, maintaining a "hold" rating with expectations of continued growth.
• The company reported a quarterly earnings per share (EPS) of $1.78, exceeding analyst estimates and demonstrating a year-over-year revenue increase of 21.8%.

Lindsay Corporation (NYSE:LNN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $133.80 and traded as high as $137.26. Lindsay shares last traded at $137.03, with a volume of 70,245 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus boosted their price objective on shares of Lindsay from $128.00 to $136.00 and gave the company a "hold" rating in a research note on Friday, June 27th.

Lindsay Trading Up 0.9%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. The firm has a market cap of $1.49 billion, a PE ratio of 19.69 and a beta of 0.81. The stock's 50 day simple moving average is $138.32 and its 200 day simple moving average is $133.80.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.42. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The business had revenue of $169.46 million during the quarter, compared to analysts' expectations of $157.87 million. During the same quarter in the previous year, the company earned $1.85 EPS. The business's quarterly revenue was up 21.8% compared to the same quarter last year. On average, sell-side analysts forecast that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 1.1%. This is a boost from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio is presently 20.69%.

Insider Buying and Selling

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total value of $596,210.91. Following the completion of the transaction, the chief financial officer owned 9,621 shares of the company's stock, valued at $1,434,394.89. The trade was a 29.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lindsay

A number of hedge funds have recently made changes to their positions in the business. Jennison Associates LLC lifted its holdings in shares of Lindsay by 107.5% in the 2nd quarter. Jennison Associates LLC now owns 450,121 shares of the industrial products company's stock worth $64,930,000 after acquiring an additional 233,243 shares during the last quarter. KBC Group NV raised its holdings in Lindsay by 3.5% in the 2nd quarter. KBC Group NV now owns 365,624 shares of the industrial products company's stock worth $52,741,000 after purchasing an additional 12,386 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Lindsay by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 345,943 shares of the industrial products company's stock worth $40,929,000 after purchasing an additional 2,207 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Lindsay by 37.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company's stock worth $39,164,000 after purchasing an additional 89,373 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Lindsay by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 262,526 shares of the industrial products company's stock worth $37,874,000 after purchasing an additional 818 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors.

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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