Lindsay (NYSE:LNN) Posts Quarterly Earnings Results, Beats Estimates By $0.39 EPS

Lindsay (NYSE:LNN) announced its quarterly earnings data on Thursday. The industrial products company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39, RTT News reports. Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The business had revenue of $160.76 million for the quarter, compared to analyst estimates of $157.80 million. During the same quarter in the previous year, the firm posted $1.78 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis.

Lindsay Stock Down 1.8%

Shares of LNN stock opened at $121.56 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.15 and a current ratio of 3.02. The firm’s 50-day moving average is $112.94 and its 200-day moving average is $119.42. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 22.26 and a beta of 0.69. Lindsay has a 52-week low of $97.27 and a 52-week high of $149.16.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Lindsay

A number of hedge funds and other institutional investors have recently bought and sold shares of LNN. Sei Investments Co. increased its position in Lindsay by 2.3% during the second quarter. Sei Investments Co. now owns 6,466 shares of the industrial products company’s stock worth $933,000 after buying an additional 145 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Lindsay by 11.3% in the third quarter. Van ECK Associates Corp now owns 1,739 shares of the industrial products company’s stock valued at $244,000 after buying an additional 177 shares during the last quarter. Swiss National Bank boosted its stake in shares of Lindsay by 1.0% during the 3rd quarter. Swiss National Bank now owns 21,000 shares of the industrial products company’s stock worth $2,952,000 after acquiring an additional 200 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Lindsay during the 4th quarter worth approximately $25,000. Finally, Advisory Services Network LLC acquired a new position in shares of Lindsay during the 3rd quarter worth approximately $30,000. Institutional investors own 89.94% of the company’s stock.

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.