Lindsay (LNN) Downgraded to “Sell” at Zacks Investment Research

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Lindsay (NYSE:LNN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “Lindsay expects to achieve operating margin performance between 11% and 12% in fiscal 2020. The company’s results will be hurt by a tough agricultural market in North America. Lindsay’s irrigation revenues are highly dependent on the need for irrigated agricultural crop production, which, in turn, depends upon many factors, including commodity prices. Elevated costs, lower infrastructure spending and tariffs on steel prices remain major headwinds. Moreover, the stock has underperformed the industry over the past year.”

Other equities research analysts have also issued research reports about the stock. TheStreet upgraded shares of Lindsay from a “c+” rating to a “b+” rating in a research note on Thursday, June 28th. ValuEngine upgraded shares of Lindsay from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Finally, Stifel Nicolaus dropped their price target on shares of Lindsay from $94.00 to $91.00 and set a “hold” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Lindsay presently has a consensus rating of “Hold” and a consensus target price of $94.33.

NYSE LNN traded up $0.08 during trading hours on Wednesday, reaching $89.99. The company’s stock had a trading volume of 708 shares, compared to its average volume of 43,227. The company has a quick ratio of 2.71, a current ratio of 3.55 and a debt-to-equity ratio of 0.42. Lindsay has a 52 week low of $83.57 and a 52 week high of $103.03. The stock has a market capitalization of $1.03 billion, a P/E ratio of 41.47, a P/E/G ratio of 1.61 and a beta of 0.34.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, June 28th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.27. Lindsay had a net margin of 3.89% and a return on equity of 12.26%. The firm had revenue of $169.60 million for the quarter, compared to analysts’ expectations of $167.57 million. During the same quarter last year, the company posted $1.02 earnings per share. Lindsay’s revenue was up 11.9% on a year-over-year basis. equities research analysts expect that Lindsay will post 3.32 earnings per share for the current year.

In other Lindsay news, Director Bill Welsh sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $93.52, for a total value of $280,560.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in LNN. Royal Bank of Canada increased its stake in shares of 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 purchasing an additional 807 shares during the period. Sei Investments Co. acquired a new position in shares of Lindsay during the first quarter valued at approximately $154,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Lindsay during the second quarter valued at approximately $221,000. Crossmark Global Holdings Inc. acquired a new position in shares of Lindsay during the second quarter valued at approximately $222,000. Finally, SG Americas Securities LLC acquired a new position in shares of Lindsay during the second quarter valued at approximately $239,000. Institutional investors own 92.91% of the company’s stock.

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'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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