Lindsay (NYSE:LNN) Price Target Raised to $136.00

Lindsay (NYSE:LNN - Free Report) had its price objective increased by Stifel Nicolaus from $128.00 to $136.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a hold rating on the industrial products company's stock.

Separately, Wall Street Zen upgraded shares of Lindsay from a "hold" rating to a "buy" rating in a research note on Friday, April 11th.

Lindsay Stock Up 1.7%

Shares of LNN traded up $2.39 during midday trading on Friday, hitting $145.09. The company had a trading volume of 217,063 shares, compared to its average volume of 88,404. Lindsay has a 1 year low of $109.27 and a 1 year high of $150.96. The company's 50-day simple moving average is $135.70 and its 200-day simple moving average is $130.83. 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 capitalization of $1.58 billion, a P/E ratio of 20.85 and a beta of 0.82.

Lindsay (NYSE:LNN - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.42. The firm had revenue of $169.46 million for the quarter, compared to analyst estimates of $157.87 million. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. Lindsay's quarterly revenue was up 21.8% on a year-over-year basis. During the same period last year, the firm posted $1.85 EPS. As a group, sell-side analysts expect that Lindsay will post 5.82 EPS for the current year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 1.02%. This is an increase from Lindsay's previous quarterly dividend of $0.36. Lindsay's payout ratio is currently 20.48%.

Institutional Investors Weigh In On Lindsay

A number of hedge funds and other institutional investors have recently modified their holdings of LNN. Banque Cantonale Vaudoise purchased a new position in Lindsay in the 1st quarter valued at approximately $31,000. AlphaQuest LLC acquired a new stake in Lindsay in the fourth quarter valued at $32,000. State of Wyoming acquired a new position in shares of Lindsay during the 1st quarter worth $52,000. GAMMA Investing LLC boosted its position 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 worth $54,000 after buying an additional 154 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in Lindsay by 10.3% in the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company's stock valued at $109,000 after acquiring an additional 86 shares during the last quarter. 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.