Acrospire Investment Management LLC Has $128,000 Holdings in Lindsay Corporation (LNN)
Acrospire Investment Management LLC raised its stake in Lindsay Corporation (NYSE:LNN) by 467.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,429 shares of the industrial products company’s stock after buying an additional 1,177 shares during the quarter. Acrospire Investment Management LLC’s holdings in Lindsay Corporation were worth $128,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its stake in Lindsay Corporation by 13.7% in the first quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after buying an additional 160 shares during the period. SG Americas Securities LLC acquired a new position in Lindsay Corporation in the first quarter valued at about $133,000. US Bancorp DE lifted its stake in Lindsay Corporation by 100.0% in the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock valued at $159,000 after buying an additional 900 shares during the period. State of Alaska Department of Revenue lifted its stake in Lindsay Corporation by 79.1% in the second quarter. State of Alaska Department of Revenue now owns 2,095 shares of the industrial products company’s stock valued at $186,000 after buying an additional 925 shares during the period. Finally, Mason Street Advisors LLC lifted its stake in Lindsay Corporation by 7.0% in the first quarter. Mason Street Advisors LLC now owns 2,486 shares of the industrial products company’s stock valued at $219,000 after buying an additional 163 shares during the period. 97.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lindsay Corporation (LNN) opened at 89.96 on Wednesday. The firm has a market cap of $961.58 million, a price-to-earnings ratio of 38.98 and a beta of 0.46. Lindsay Corporation has a 52-week low of $69.11 and a 52-week high of $95.04. The stock’s 50 day moving average price is $87.44 and its 200-day moving average price is $86.44.
Lindsay Corporation (NYSE:LNN) last announced its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.95 by $0.07. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The company had revenue of $151.50 million for the quarter, compared to analyst estimates of $145.30 million. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts forecast that Lindsay Corporation will post $2.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were given a dividend of $0.30 per share. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. The ex-dividend date was Tuesday, August 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. Lindsay Corporation’s dividend payout ratio is presently 52.17%.
Several equities analysts have weighed in on the company. BidaskClub lowered Lindsay Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Piper Jaffray Companies set a $80.00 price target on Lindsay Corporation and gave the stock a “hold” rating in a research report on Saturday, August 5th. Zacks Investment Research lowered Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Sidoti reaffirmed a “buy” rating and set a $107.00 price target (up previously from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. Finally, Stifel Nicolaus set a $76.00 price target on Lindsay Corporation and gave the stock a “hold” rating in a research report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Lindsay Corporation presently has an average rating of “Hold” and an average price target of $91.50.
In related news, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
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Lindsay Corporation Company Profile
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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