Lindsay (NYSE:LNN) Rating Lowered to "Hold" at StockNews.com

StockNews.com downgraded shares of Lindsay (NYSE:LNN - Free Report) from a buy rating to a hold rating in a report issued on Thursday morning.

Separately, Stifel Nicolaus increased their target price on Lindsay from $126.00 to $130.00 and gave the stock a "hold" rating in a research note on Wednesday, January 8th.

Lindsay Stock Performance

Lindsay stock traded down $0.07 during mid-day trading on Thursday, reaching $119.72. 225,363 shares of the company were exchanged, compared to its average volume of 83,541. The firm's 50-day simple moving average is $131.04 and its two-hundred day simple moving average is $127.02. Lindsay has a twelve month low of $109.27 and a twelve month high of $140.26. The firm has a market cap of $1.30 billion, a PE ratio of 19.22 and a beta of 0.72. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.65 and a current ratio of 3.87.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings data on Thursday, April 3rd. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.55. The company had revenue of $187.10 million for the quarter, compared to analysts' expectations of $174.50 million. Lindsay had a net margin of 11.18% and a return on equity of 13.17%. Lindsay's revenue was up 23.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.64 EPS. Equities analysts predict that Lindsay will post 5.82 earnings per share for the current fiscal year.

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Lindsay Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Friday, May 16th. Lindsay's dividend payout ratio (DPR) is presently 23.11%.

Hedge Funds Weigh In On Lindsay

Several hedge funds have recently added to or reduced their stakes in LNN. Lightrock Netherlands B.V. acquired a new position in shares of Lindsay during the 4th quarter worth approximately $11,396,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Lindsay by 37.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company's stock valued at $39,164,000 after acquiring an additional 89,373 shares in the last quarter. GAMMA Investing LLC increased its position in Lindsay by 19,611.6% during the 1st quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock worth $6,883,000 after purchasing an additional 54,128 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Lindsay by 746.5% in the fourth quarter. SG Americas Securities LLC now owns 52,138 shares of the industrial products company's stock valued at $6,168,000 after buying an additional 45,979 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of Lindsay in the fourth quarter valued at $5,088,000. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

About Lindsay

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.