Lindsay (NYSE:LNN) Price Target Raised to $134.00

Lindsay (NYSE:LNN) had its price objective increased by Stifel Nicolaus from $130.00 to $134.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a hold rating on the industrial products company’s stock.

Separately, StockNews.com lowered Lindsay from a “buy” rating to a “hold” rating in a research report on Thursday.

Lindsay Stock Down 7.4 %

Shares of NYSE:LNN opened at $119.75 on Friday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 19.22 and a beta of 0.72. Lindsay has a 12-month low of $109.27 and a 12-month high of $140.27. The business has a 50-day moving average price of $131.04 and a 200 day moving average price of $126.98. The company has a current ratio of 3.87, a quick ratio of 2.65 and a debt-to-equity ratio of 0.24.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, April 3rd. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.55. The business had revenue of $187.10 million for the quarter, compared to the consensus estimate of $174.50 million. Lindsay had a net margin of 11.18% and a return on equity of 13.17%. The business’s revenue was up 23.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.64 EPS. Sell-side analysts expect that Lindsay will post 5.82 EPS for the current year.

Lindsay Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.20%. Lindsay’s payout ratio is 23.11%.

Institutional Investors Weigh In On Lindsay

Several large investors have recently added to or reduced their stakes in LNN. Vanguard Group Inc. boosted its position in Lindsay by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 1,260,171 shares of the industrial products company’s stock valued at $149,091,000 after buying an additional 10,649 shares during the period. KBC Group NV raised its stake in shares of Lindsay by 1.6% in the fourth quarter. KBC Group NV now owns 348,514 shares of the industrial products company’s stock valued at $41,233,000 after acquiring an additional 5,382 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Lindsay by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 345,943 shares of the industrial products company’s stock valued at $40,929,000 after purchasing an additional 2,207 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Lindsay by 37.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company’s stock worth $39,164,000 after purchasing an additional 89,373 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Lindsay by 3.7% during the 4th quarter. First Trust Advisors LP now owns 207,403 shares of the industrial products company’s stock worth $24,538,000 after purchasing an additional 7,362 shares during the period. 89.94% of the stock is 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.