First Trust Advisors LP Reduces Holdings in Lindsay Corporation $LNN

First Trust Advisors LP lowered its position in shares of Lindsay Corporation (NYSE:LNN) by 88.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,672 shares of the industrial products company’s stock after selling 174,451 shares during the period. First Trust Advisors LP owned about 0.22% of Lindsay worth $2,700,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in Lindsay during the 4th quarter worth approximately $25,000. Advisory Services Network LLC acquired a new position in Lindsay during the third quarter worth approximately $30,000. Parallel Advisors LLC lifted its stake in Lindsay by 1,295.8% in the first quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock valued at $40,000 after buying an additional 311 shares during the last quarter. Copeland Capital Management LLC purchased a new stake in Lindsay in the fourth quarter valued at approximately $62,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Lindsay in the fourth quarter valued at approximately $83,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Up 1.3%

LNN stock opened at $116.19 on Friday. The stock has a market capitalization of $1.18 billion, a PE ratio of 22.30 and a beta of 0.70. The company has a fifty day moving average of $115.85 and a 200-day moving average of $118.18. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39. The business had revenue of $160.76 million for the quarter, compared to analyst estimates of $157.80 million. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.78 earnings per share. As a group, analysts expect that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.38 per share. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay’s dividend payout ratio (DPR) is currently 28.41%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LNN. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Weiss Ratings downgraded shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Lindsay presently has a consensus rating of “Hold” and a consensus price target of $113.00.

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.