Lindsay Corporation (NYSE:LNN – Get Free Report)’s stock price fell 5.1% on Monday . The company traded as low as $115.96 and last traded at $115.8350. 118,600 shares were traded during mid-day trading, a decline of 25% from the average session volume of 158,281 shares. The stock had previously closed at $122.12.
Analysts Set New Price Targets
A number of research analysts recently issued reports on LNN shares. Weiss Ratings cut shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Stifel Nicolaus decreased their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a report on Monday, April 6th. Finally, Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $113.00.
Read Our Latest Stock Analysis on Lindsay
Lindsay Stock Down 4.5%
Lindsay (NYSE:LNN – Get Free Report) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.39. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The company had revenue of $160.76 million during the quarter, compared to analysts’ expectations of $157.80 million. During the same quarter in the prior year, the company earned $1.78 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts forecast that Lindsay Corporation will post 5.19 earnings per share for the current year.
Institutional Trading of Lindsay
Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Lindsay by 13.9% during the first quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company’s stock worth $1,018,000 after buying an additional 984 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lindsay by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock worth $817,000 after acquiring an additional 289 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Lindsay by 13.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company’s stock worth $6,144,000 after acquiring an additional 5,749 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Lindsay by 7.8% during 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 worth $4,941,000 after acquiring an additional 2,811 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Lindsay by 134.4% in the first quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company’s stock valued at $4,899,000 after purchasing an additional 22,204 shares during the last quarter. Institutional investors and hedge funds own 89.94% of the company’s stock.
Lindsay Company Profile
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.
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