Lindsay (NYSE:LNN) Shares Gap Down – Here’s Why

Lindsay Corporation (NYSE:LNN) shares gapped down before the market opened on Monday . The stock had previously closed at $115.54, but opened at $112.30. Lindsay shares last traded at $113.5040, with a volume of 30,611 shares traded.

Analyst Ratings Changes

A number of analysts have recently weighed in on LNN shares. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Stifel Nicolaus cut their price target on Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Finally, Weiss Ratings lowered Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $113.00.

Lindsay Stock Down 2.1%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 21.72 and a beta of 0.69. The business’s 50 day moving average price is $114.29 and its 200 day moving average price is $119.07.

Lindsay (NYSE:LNN) last posted its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) 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 firm had revenue of $160.76 million during the quarter, compared to analysts’ expectations of $157.80 million. During the same period in the previous year, the business posted $1.78 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. On average, equities analysts forecast that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 17th. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. Lindsay’s dividend payout ratio is presently 28.41%.

Institutional Investors Weigh In On Lindsay

Several hedge funds have recently modified their holdings of the company. Nuance Investments LLC grew its position in shares of Lindsay by 293.5% during the 4th quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock valued at $21,048,000 after acquiring an additional 133,190 shares during the period. Wellington Management Group LLP acquired a new position in Lindsay in the 4th quarter worth about $13,994,000. Amundi boosted its position in Lindsay by 39.4% during the fourth quarter. Amundi now owns 269,817 shares of the industrial products company’s stock worth $31,843,000 after purchasing an additional 76,292 shares in the last quarter. Invesco Ltd. boosted its position in Lindsay by 32.6% during the third quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock worth $28,953,000 after purchasing an additional 50,671 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Lindsay in the second quarter valued at approximately $6,670,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

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.