Lindsay (NYSE:LNN) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Lindsay (NYSE:LNN) from a hold rating to a strong sell rating in a research report released on Tuesday,Zacks.com reports.

Separately, Stifel Nicolaus cut their target price on Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a research note on Monday. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $113.00.

Lindsay Stock Up 3.7%

Shares of NYSE LNN opened at $112.43 on Tuesday. Lindsay has a 12 month low of $97.27 and a 12 month high of $150.96. The company has a current ratio of 3.02, a quick ratio of 2.15 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 20.59 and a beta of 0.82. The business has a 50-day moving average of $125.35 and a 200-day moving average of $123.48.

Lindsay (NYSE:LNN) last issued its quarterly earnings data on Thursday, April 2nd. The industrial products company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The business had revenue of $157.72 million for the quarter, compared to analysts’ expectations of $163.52 million. During the same period in the previous year, the firm posted $2.44 EPS. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. Sell-side analysts expect that Lindsay will post 5.82 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.3%. Lindsay’s dividend payout ratio (DPR) is 27.11%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Lindsay during the fourth quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in Lindsay in the third quarter valued at approximately $30,000. Copeland Capital Management LLC bought a new stake in Lindsay in the fourth quarter valued at approximately $62,000. Kestra Advisory Services LLC bought a new stake in Lindsay in the fourth quarter valued at approximately $83,000. Finally, Russell Investments Group Ltd. lifted its position in Lindsay by 2,226.8% in the third quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 913 shares during the last quarter. 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.