Lindsay Corp. (NYSE: LNN) shares rose in value Thursday Dec 1 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Analysts at Stifel Nicolaus upgraded shares of Lindsay Corp. (NYSE: LNN) from Sell to Hold today. Stifel Nicolaus currently has a rating of Hold on the stock. The one-year price target of $85.25 is above the opening price of $84.97, causing a number of other analysts to comment on the company in recent days. Looking back over the last year, Lindsay Corp. stock has a high of $87.30. Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Lindsay Corp. (NYSE: LNN) opened at $84.97 on Tuesday trading between $84.96 and $87.30, and last traded at $87.15, a jump of $2.87 or 3.41% over the previous closing price.
Lindsay Corp. (NYSE: LNN) currently has a market cap of 926.40M.
Lindsay Corp. (NYSE: LNN) Average Daily Trading Volume
44,416 shares crossed the trading desk yesterday, below the norm, out of a total float 10,290,000. Swing traders often use upticks in trading volume to identify heavy volume aggregation or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
However, one day of high volume buy side trading is not enough to determine a trend. So market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re considering.
Lindsay Corp. (NYSE: LNN) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By marking the activity of these professional investors—and the moving averages they influence— traders are able to make make the best trades.
Trades for Lindsay Corp. (NYSE: LNN) have ranged from $62.99 – 87.30, and the stock now has a 50-day MA of $77.69 and 200-day MA of $72.55. Today’s last price is 0.17%% under the 52 week high of $87.30.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings by at least 25% over the past 3 years.
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