Lindsay (LNN) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Lindsay (NYSE:LNN) from a sell rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “Lindsay is poised to gain from focus on growth objectives, business simplification and capital-allocation plan. It expects to achieve operating margin performance between 11% and 12% in fiscal 2020. Lindsay recently completed the sale of its Watertronics and LAKOS businesses in line with the Foundation for Growth initiative. The divestment will simplify its business and help focus on core commercial irrigation and infrastructure sector. Its irrigation business will benefit from FieldNET Advisor. In addition, the U.S. tax reform will drive earnings. However, Lindsay’s results will be hurt by a tough agricultural market in North America. Also, elevated costs, lower infrastructure spending and tariffs on steel prices remain major headwinds. Moreover, the stock has underperformed the industry over the past year.”

Several other analysts have also recently issued reports on LNN. Monness Crespi & Hardt set a $70.00 price objective on Lindsay and gave the company a sell rating in a research note on Wednesday, September 19th. TheStreet upgraded Lindsay from a c+ rating to a b+ rating in a research note on Thursday, June 28th. ValuEngine cut Lindsay from a buy rating to a hold rating in a research note on Wednesday, June 20th. Finally, Stifel Nicolaus reduced their price objective on Lindsay from $94.00 to $91.00 and set a hold rating on the stock in a research note on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $91.00.

Shares of NYSE LNN traded up $1.30 during mid-day trading on Wednesday, hitting $99.81. The company had a trading volume of 538 shares, compared to its average volume of 62,489. The stock has a market cap of $1.06 billion, a P/E ratio of 46.00, a PEG ratio of 1.54 and a beta of 0.34. The company has a current ratio of 3.55, a quick ratio of 2.71 and a debt-to-equity ratio of 0.42. Lindsay has a 1-year low of $83.57 and a 1-year high of $103.03.

Lindsay (NYSE:LNN) last announced its quarterly earnings data on Thursday, June 28th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.27. The business had revenue of $169.60 million for the quarter, compared to analysts’ expectations of $167.57 million. Lindsay had a return on equity of 12.26% and a net margin of 3.89%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period last year, the firm earned $1.02 earnings per share. equities analysts forecast that Lindsay will post 3.3 EPS for the current fiscal year.

In other Lindsay news, Director Bill Welsh sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $93.52, for a total value of $280,560.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.10% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada raised its stake in Lindsay by 225.4% in the first quarter. Royal Bank of Canada now owns 1,165 shares of the industrial products company’s stock valued at $105,000 after buying an additional 807 shares in the last quarter. Sei Investments Co. acquired a new stake in Lindsay in the first quarter valued at $154,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Lindsay during the second quarter worth about $221,000. Crossmark Global Holdings Inc. purchased a new position in shares of Lindsay during the second quarter worth about $222,000. Finally, SG Americas Securities LLC purchased a new position in shares of Lindsay during the second quarter worth about $239,000. Institutional investors own 92.90% 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. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.

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