Lindsay (NYSE:LNN) Shares Gap Up on Strong Earnings

Lindsay Corporation (NYSE:LNN)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $121.07, but opened at $129.35. Lindsay shares last traded at $123.3050, with a volume of 41,160 shares trading hands.

The industrial products company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.39. The firm had revenue of $160.76 million for the quarter, compared to the consensus estimate of $157.80 million. Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The firm’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 EPS.

Analysts Set New Price Targets

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

Institutional Trading of Lindsay

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LNN. Pier Capital LLC increased its stake in shares of Lindsay by 34.0% in the 3rd quarter. Pier Capital LLC now owns 71,799 shares of the industrial products company’s stock valued at $10,092,000 after purchasing an additional 18,205 shares in the last quarter. Pacer Advisors Inc. boosted its position in Lindsay by 2,694.6% during the fourth quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company’s stock worth $3,498,000 after purchasing an additional 28,617 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Lindsay by 312.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 9,806 shares of the industrial products company’s stock worth $1,156,000 after purchasing an additional 7,427 shares in the last quarter. WINTON GROUP Ltd grew its holdings in Lindsay by 1,488.1% in the fourth quarter. WINTON GROUP Ltd now owns 32,017 shares of the industrial products company’s stock valued at $3,774,000 after purchasing an additional 30,001 shares during the period. Finally, Jackson Creek Investment Advisors LLC purchased a new stake in shares of Lindsay in the fourth quarter valued at approximately $1,767,000. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Price Performance

The company has a quick ratio of 2.15, a current ratio of 3.02 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.25 billion, a PE ratio of 22.47 and a beta of 0.69. The stock has a 50-day moving average price of $112.94 and a 200 day moving average price of $119.42.

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.