Lindsay (NYSE:LNN) Downgraded by Zacks Research to Strong Sell

Lindsay (NYSE:LNN) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other brokerages have also recently issued reports on LNN. Weiss Ratings cut shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, October 16th. Stifel Nicolaus lowered their price target on shares of Lindsay from $121.00 to $119.00 and set a “hold” rating on the stock in a research report on Friday, October 23rd. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $119.00.

Lindsay Stock Performance

LNN opened at $107.67 on Thursday. The business has a fifty day simple moving average of $113.70 and a 200 day simple moving average of $117.03. The company has a market capitalization of $1.10 billion, a PE ratio of 20.24 and a beta of 0.69. Lindsay has a 1 year low of $97.27 and a 1 year high of $148.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.15 and a quick ratio of 2.25.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.12. The firm had revenue of $161.57 million for the quarter, compared to analysts’ expectations of $147.56 million. Lindsay had a return on equity of 10.96% and a net margin of 8.75%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.99 EPS. Research analysts expect that Lindsay will post 4.70 EPS for the current year.

Institutional Investors Weigh In On Lindsay

Large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its stake in Lindsay by 1,295.8% during the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 311 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Lindsay by 86.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 237 shares during the period. GAMMA Investing LLC lifted its position in shares of Lindsay by 126.3% during the 3rd quarter. GAMMA Investing LLC now owns 697 shares of the industrial products company’s stock valued at $78,000 after acquiring an additional 389 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Lindsay during the 2nd quarter worth $109,000. Finally, Nykredit A S acquired a new stake in shares of Lindsay during the 2nd quarter worth $123,000. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Company Profile

Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company’s irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water.

Lindsay’s irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely.