Lindsay Corp. (LNN) Stake Cut by First Trust Advisors LP
First Trust Advisors LP reduced its position in Lindsay Corp. (NYSE:LNN) by 37.0% during the second quarter, Holdings Channel reports. The fund owned 35,361 shares of the company’s stock after selling 20,799 shares during the period. First Trust Advisors LP owned about 0.33% of Lindsay Corp. worth $2,400,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Lindsay Corp. during the fourth quarter worth $8,201,000. John G Ullman & Associates Inc. raised its stake in Lindsay Corp. by 1.7% in the first quarter. John G Ullman & Associates Inc. now owns 156,382 shares of the company’s stock worth $11,199,000 after buying an additional 2,682 shares during the last quarter. Aperio Group LLC raised its stake in Lindsay Corp. by 0.4% in the first quarter. Aperio Group LLC now owns 11,196 shares of the company’s stock worth $802,000 after buying an additional 48 shares during the last quarter. Teachers Advisors Inc. raised its stake in Lindsay Corp. by 15.8% in the first quarter. Teachers Advisors Inc. now owns 21,040 shares of the company’s stock worth $1,507,000 after buying an additional 2,867 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Lindsay Corp. by 1.5% in the first quarter. Prudential Financial Inc. now owns 26,776 shares of the company’s stock worth $1,917,000 after buying an additional 400 shares during the last quarter.
Shares of Lindsay Corp. (NYSE:LNN) traded up 2.52% during midday trading on Thursday, reaching $73.95. The company had a trading volume of 50,961 shares. The company has a market capitalization of $786.09 million, a P/E ratio of 88.88 and a beta of 0.92. Lindsay Corp. has a 52 week low of $62.99 and a 52 week high of $79.27. The company’s 50 day moving average price is $71.64 and its 200-day moving average price is $71.58.
Lindsay Corp. (NYSE:LNN) last released its quarterly earnings data on Thursday, June 30th. The company reported $0.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.09. The company had revenue of $141.30 million for the quarter. Lindsay Corp. had a return on equity of 9.74% and a net margin of 1.83%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.10 earnings per share. On average, equities research analysts predict that Lindsay Corp. will post $1.76 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were paid a dividend of $0.29 per share. The ex-dividend date was Monday, August 15th. This represents a $1.16 dividend on an annualized basis and a yield of 1.57%. This is a positive change from Lindsay Corp.’s previous quarterly dividend of $0.28. Lindsay Corp.’s payout ratio is 133.33%.
LNN has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered Lindsay Corp. from a “hold” rating to a “sell” rating and set a $64.00 target price on the stock. in a research note on Thursday, June 2nd. TheStreet upgraded Lindsay Corp. from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. Finally, Zacks Investment Research lowered Lindsay Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Lindsay Corp. currently has a consensus rating of “Hold” and an average target price of $71.57.
Lindsay Corp. Company Profile
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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