Shares of Lindsay Co. (NYSE:LNN – Get Rating) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $156.64, but opened at $161.99. Lindsay shares last traded at $164.25, with a volume of 576 shares changing hands.
The industrial products company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.47. Lindsay had a net margin of 8.49% and a return on equity of 19.00%. The company had revenue of $176.20 million for the quarter, compared to analysts’ expectations of $178.10 million. During the same quarter last year, the company earned $0.72 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year.
Lindsay Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, November 15th. This represents a $1.36 annualized dividend and a yield of 0.81%. Lindsay’s payout ratio is 22.90%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the stock. StockNews.com upgraded shares of Lindsay from a “hold” rating to a “buy” rating in a report on Friday, November 11th. Stifel Nicolaus cut their target price on Lindsay from $176.00 to $173.00 and set a “buy” rating on the stock in a research note on Tuesday, October 11th.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in LNN. US Bancorp DE increased its position in shares of Lindsay by 2,100.0% during the third quarter. US Bancorp DE now owns 264 shares of the industrial products company’s stock valued at $38,000 after buying an additional 252 shares during the period. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Lindsay in the 3rd quarter valued at approximately $61,000. Point72 Hong Kong Ltd bought a new stake in shares of Lindsay during the third quarter valued at approximately $64,000. Baldwin Brothers LLC MA purchased a new stake in Lindsay in the second quarter worth $66,000. Finally, Royal Bank of Canada lifted its position in Lindsay by 23.6% during the third quarter. Royal Bank of Canada now owns 514 shares of the industrial products company’s stock valued at $74,000 after buying an additional 98 shares during the period. 84.79% of the stock is currently owned by institutional investors.
Lindsay Stock Up 7.8 %
The stock has a market capitalization of $1.86 billion, a PE ratio of 28.42 and a beta of 0.63. The stock’s 50-day moving average price is $168.69 and its two-hundred day moving average price is $155.98. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.76 and a current ratio of 2.96.
About Lindsay
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company 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.
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