Lindsay (NYSE:LNN) Issues Quarterly Earnings Results

Lindsay (NYSE:LNN) released its earnings results on Thursday. The industrial products company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.42, RTT News reports. Lindsay had a return on equity of 15.34% and a net margin of 11.21%. The firm had revenue of $169.46 million during the quarter, compared to analysts’ expectations of $157.87 million. During the same period in the prior year, the company earned $1.85 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis.

Lindsay Stock Down 0.5%

Shares of NYSE:LNN opened at $142.58 on Friday. The firm has a market cap of $1.55 billion, a P/E ratio of 20.49 and a beta of 0.82. Lindsay has a 12-month low of $109.27 and a 12-month high of $150.96. The business has a fifty day simple moving average of $135.70 and a 200 day simple moving average of $130.83. The company has a quick ratio of 2.57, a current ratio of 3.64 and a debt-to-equity ratio of 0.22.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.04%. This is a boost from Lindsay’s previous quarterly dividend of $0.36. Lindsay’s dividend payout ratio is presently 20.48%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stifel Nicolaus increased their price target on Lindsay from $128.00 to $136.00 and gave the company a “hold” rating in a research note on Friday. Wall Street Zen upgraded Lindsay from a “hold” rating to a “buy” rating in a research note on Friday, April 11th.

Institutional Investors Weigh In On Lindsay

Several institutional investors and hedge funds have recently made changes to their positions in LNN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Lindsay by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock worth $817,000 after acquiring an additional 289 shares during the period. AQR Capital Management LLC raised its holdings in Lindsay by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company’s stock worth $1,018,000 after purchasing an additional 984 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Lindsay by 134.4% in the 1st quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company’s stock worth $4,899,000 after purchasing an additional 22,204 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Lindsay by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 39,056 shares of the industrial products company’s stock valued at $4,941,000 after purchasing an additional 2,811 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Lindsay by 13.4% during the first quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company’s stock worth $6,144,000 after buying an additional 5,749 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Company Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It 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 brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.