Lindsay Corporation (NYSE:LNN – Get Free Report) shares saw an uptick in trading volume on Tuesday . Approximately 176,253 shares were traded 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.
Wall Street Analysts Forecast Growth
LNN has been the subject of several recent 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 lowered 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 stock. According to MarketBeat, Lindsay presently has an average rating of “Reduce” and an average price target of $113.00.
Get Our Latest Research Report on LNN
Lindsay Trading Down 2.0%
Lindsay (NYSE:LNN – Get Free Report) last released its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.14 by $0.39. The firm had revenue of $160.76 million during 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%.Lindsay’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.78 EPS. As a group, analysts forecast that Lindsay Corporation will post 5.19 EPS for the current fiscal year.
Lindsay Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a dividend of $0.38 per share. The ex-dividend date was Monday, August 17th. This represents a $1.52 annualized dividend and a dividend yield of 1.3%. This is a boost from Lindsay’s previous quarterly dividend of $0.37. Lindsay’s payout ratio is presently 29.17%.
Hedge Funds Weigh In On Lindsay
A number of institutional investors have recently modified their holdings of LNN. AQR Capital Management LLC boosted its stake in Lindsay by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company’s stock worth $1,018,000 after purchasing an additional 984 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Lindsay by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock valued at $817,000 after acquiring an additional 289 shares during the period. Goldman Sachs Group Inc. raised its stake in Lindsay by 13.4% during 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 acquiring an additional 5,749 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in 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 valued at $4,941,000 after acquiring an additional 2,811 shares during the last quarter. Finally, Jane Street Group LLC increased 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 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.
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