Lindsay Co. (LNN) Trading Down 2.1%
Lindsay Co. (NYSE:LNN) shares fell 2.1% during mid-day trading on Monday . The company traded as low as $68.96 and last traded at $68.99, with a volume of 87,591 shares. The stock had previously closed at $70.48.
A number of research firms recently issued reports on LNN. Wedbush reaffirmed a “hold” rating on shares of Lindsay in a report on Saturday, April 2nd. TheStreet lowered Lindsay from a “buy” rating to a “hold” rating in a report on Monday, April 4th. Seaport Global Securities began coverage on Lindsay in a report on Tuesday, May 24th. They set a “neutral” rating and a $67.00 target price on the stock. Sterne Agee CRT reaffirmed a “neutral” rating and set a $69.00 target price on shares of Lindsay in a report on Thursday, April 14th. Finally, Stifel Nicolaus lowered Lindsay from a “hold” rating to a “sell” rating and set a $64.00 target price on the stock. in a report on Thursday, June 2nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $70.38.
The company has a 50 day moving average price of $70.15 and a 200 day moving average price of $71.34. The firm has a market capitalization of $732.83 million and a PE ratio of 82.86.
Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, June 30th. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.99 by $0.09. The company earned $141.30 million during the quarter. During the same quarter in the previous year, the firm earned $1.10 earnings per share. The firm’s revenue was down 12.1% on a year-over-year basis. Equities research analysts predict that Lindsay Co. will post $1.67 earnings per share for the current fiscal year.
In related news, CFO Brian L. Ketcham purchased 500 shares of Lindsay stock in a transaction that occurred on Thursday, May 12th. The stock was purchased at an average cost of $69.39 per share, with a total value of $34,695.00. Following the completion of the transaction, the chief financial officer now owns 1,463 shares of the company’s stock, valued at approximately $101,517.57. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Other hedge funds and institutional investors recently modified their holdings of the company. American Capital Management Inc. boosted its position in shares of Lindsay by 0.3% in the fourth quarter. American Capital Management Inc. now owns 30,090 shares of the company’s stock valued at $2,179,000 after buying an additional 90 shares during the period. Schroder Investment Management Group boosted its stake in Lindsay by 69.1% in the fourth quarter. Schroder Investment Management Group now owns 58,785 shares of the company’s stock worth $4,256,000 after buying an additional 24,024 shares during the last quarter. Bank of Montreal Can boosted its stake in Lindsay by 3,067.3% in the fourth quarter. Bank of Montreal Can now owns 25,180 shares of the company’s stock worth $1,822,000 after buying an additional 24,385 shares during the last quarter. Morgan Stanley boosted its stake in Lindsay by 11.7% in the fourth quarter. Morgan Stanley now owns 22,023 shares of the company’s stock worth $1,594,000 after buying an additional 2,308 shares during the last quarter. Finally, Nuance Investments LLC boosted its stake in Lindsay by 68.7% in the fourth quarter. Nuance Investments LLC now owns 465,998 shares of the company’s stock worth $33,738,000 after buying an additional 189,765 shares during the last quarter.
Lindsay Corporation provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. Its Irrigation Segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems, which are used principally in the agricultural industry.
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