Posted by admin on Jul 1st, 2022

Lindsay Co. (NYSE:LNN – Get Rating)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $121.75, but opened at $126.60. Lindsay shares last traded at $123.44, with a volume of 152 shares.

The industrial products company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.68. The firm had revenue of $214.30 million during the quarter, compared to analysts’ expectations of $188.95 million. Lindsay had a return on equity of 16.04% and a net margin of 6.76%. The business’s revenue was up 32.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.61 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 31st. Shareholders of record on Tuesday, May 17th were given a dividend of $0.33 per share. The ex-dividend date was Monday, May 16th. This represents a $1.32 dividend on an annualized basis and a yield of 0.99%. Lindsay’s payout ratio is 31.58%.

A number of analysts have weighed in on LNN shares. StockNews.com started coverage on Lindsay in a research report on Thursday, March 31st. They set a “hold” rating for the company. Roth Capital assumed coverage on Lindsay in a research report on Friday, June 3rd. They set a “neutral” rating and a $135.00 price objective for the company. Finally, Stifel Nicolaus cut their target price on Lindsay from $180.00 to $172.00 in a research note on Wednesday, June 15th.

In other news, insider James Scott Marion sold 1,945 shares of the stock in a transaction that occurred on Friday, April 8th. The stock was sold at an average price of $146.01, for a total transaction of $283,989.45. Following the completion of the transaction, the insider now directly owns 4,520 shares of the company’s stock, valued at approximately $659,965.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.91% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd boosted its holdings in Lindsay by 2.4% in the fourth quarter. WINTON GROUP Ltd now owns 3,723 shares of the industrial products company’s stock valued at $566,000 after acquiring an additional 87 shares during the last quarter. Maryland State Retirement & Pension System raised its position in Lindsay by 2.1% in the first quarter. Maryland State Retirement & Pension System now owns 4,412 shares of the industrial products company’s stock valued at $693,000 after purchasing an additional 89 shares during the period. Mutual of America Capital Management LLC raised its position in Lindsay by 6.0% in the first quarter. Mutual of America Capital Management LLC now owns 1,580 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 89 shares during the period. Keybank National Association OH increased its position in shares of Lindsay by 4.1% during the first quarter. Keybank National Association OH now owns 3,048 shares of the industrial products company’s stock worth $479,000 after acquiring an additional 121 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Lindsay by 0.5% during the fourth quarter. Bank of America Corp DE now owns 29,436 shares of the industrial products company’s stock worth $4,474,000 after acquiring an additional 142 shares during the last quarter. Institutional investors and hedge funds own 85.44% of the company’s stock.

The firm has a market capitalization of $1.46 billion, a PE ratio of 31.78 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.79 and a quick ratio of 1.63. The stock has a 50-day moving average price of $127.78 and a 200-day moving average price of $136.75.

Lindsay Company Profile (NYSE:LNN)

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.

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