ProShare Advisors LLC Purchases 5,615 Shares of Lindsay Corporation $LNN

ProShare Advisors LLC increased its stake in shares of Lindsay Corporation (NYSE:LNN) by 12.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 51,927 shares of the industrial products company’s stock after purchasing an additional 5,615 shares during the period. ProShare Advisors LLC owned 0.50% of Lindsay worth $6,121,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Lindsay by 5.6% during the 2nd quarter. State Street Corp now owns 473,772 shares of the industrial products company’s stock worth $68,342,000 after purchasing an additional 25,251 shares in the last quarter. Invesco Ltd. lifted its holdings in Lindsay by 32.6% during the 3rd quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock worth $28,953,000 after purchasing an additional 50,671 shares in the last quarter. First Trust Advisors LP lifted its holdings in Lindsay by 4.9% during the 3rd quarter. First Trust Advisors LP now owns 191,820 shares of the industrial products company’s stock worth $26,962,000 after purchasing an additional 8,985 shares in the last quarter. Legal & General Group Plc lifted its holdings in Lindsay by 8.4% during the 3rd quarter. Legal & General Group Plc now owns 156,597 shares of the industrial products company’s stock worth $22,011,000 after purchasing an additional 12,149 shares in the last quarter. Finally, Lightrock Netherlands B.V. lifted its holdings in Lindsay by 5.2% during the 4th quarter. Lightrock Netherlands B.V. now owns 132,415 shares of the industrial products company’s stock worth $15,608,000 after purchasing an additional 6,500 shares in the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings cut Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Stifel Nicolaus dropped their price objective on Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Finally, Zacks Research cut Lindsay from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 7th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $113.00.

Lindsay Stock Performance

NYSE:LNN opened at $109.34 on Friday. The business’s 50-day moving average price is $111.73 and its two-hundred day moving average price is $119.08. Lindsay Corporation has a twelve month low of $97.27 and a twelve month high of $150.96. The stock has a market cap of $1.14 billion, a P/E ratio of 20.03 and a beta of 0.73. The company has a quick ratio of 2.15, a current ratio of 3.02 and a debt-to-equity ratio of 0.23.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The business had revenue of $157.72 million during the quarter, compared to analysts’ expectations of $163.52 million. During the same period in the previous year, the business earned $2.44 EPS. The business’s revenue was down 15.7% on a year-over-year basis. As a group, equities analysts predict that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.4%. Lindsay’s dividend payout ratio (DPR) is presently 27.11%.

About Lindsay

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.