Lindsay (NYSE:LNN) Sees Large Volume Increase - Time to Buy?

Key Points

• Lindsay’s trading volume rose 16% to approximately 176,253 shares, while the stock traded near $120.91, below its prior close of $123.39.
• Analyst sentiment remains cautious: Zacks Research downgraded the stock to “strong sell,” while the consensus rating is “Reduce” with a $113 price target.
• Lindsay exceeded quarterly earnings expectations with $1.53 in EPS versus $1.14 expected, but revenue fell 5.2% year over year. The company also raised its quarterly dividend to $0.38 per share, producing a 1.3% yield.

Lindsay Corporation (NYSE:LNN - Get Free Report) saw strong trading volume on Tuesday . Approximately 176,253 shares changed hands during mid-day trading, an increase of 16% from the previous session's volume of 151,383 shares.The stock last traded at $120.9050 and had previously closed at $123.39.

Analyst Ratings Changes

LNN has been the topic of a number of research analyst reports. Weiss Ratings raised Lindsay from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, September 2nd. Zacks Research downgraded Lindsay from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 1st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Lindsay currently has a consensus rating of "Reduce" and a consensus price target of $113.00.

Lindsay Stock Performance

The company has a market cap of $1.23 billion, a price-to-earnings ratio of 23.20 and a beta of 0.70. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. The stock's fifty day simple moving average is $115.69 and its 200 day simple moving average is $116.19.

Lindsay (NYSE:LNN - Get Free Report) last issued its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.39. The business had revenue of $160.76 million for the quarter, compared to analysts' expectations of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The business's revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.78 EPS. As a group, analysts anticipate that Lindsay Corporation will post 5.19 earnings per share for the current year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. This is an increase from Lindsay's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Monday, August 17th. Lindsay's dividend payout ratio is presently 29.17%.

Institutional Trading of Lindsay

A number of hedge funds and other institutional investors have recently modified their holdings of LNN. AQR Capital Management LLC boosted its position in shares of Lindsay by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company's stock valued at $1,018,000 after acquiring an additional 984 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Lindsay by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company's stock worth $817,000 after purchasing an additional 289 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Lindsay by 13.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company's stock valued at $6,144,000 after purchasing an additional 5,749 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Lindsay by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 39,056 shares of the industrial products company's stock valued at $4,941,000 after purchasing an additional 2,811 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Lindsay by 134.4% in the 1st quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company's stock valued at $4,899,000 after buying an additional 22,204 shares during the period. 89.94% of the stock is owned by institutional investors and hedge funds.

About Lindsay

Lindsay Corporation NYSE: LNN is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.

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.