Comerica Bank lifted its stake in Lindsay Co. (NYSE:LNN) by 2.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,084 shares of the industrial products company’s stock after acquiring an additional 231 shares during the period. Comerica Bank owned 0.10% of Lindsay worth $941,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of LNN. Cardinal Capital Management boosted its stake in Lindsay by 2.3% in the first quarter. Cardinal Capital Management now owns 7,740 shares of the industrial products company’s stock worth $749,000 after purchasing an additional 172 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Lindsay by 6.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,424 shares of the industrial products company’s stock worth $329,000 after acquiring an additional 193 shares during the last quarter. Rhumbline Advisers raised its position in shares of Lindsay by 0.7% during the first quarter. Rhumbline Advisers now owns 30,762 shares of the industrial products company’s stock worth $2,977,000 after acquiring an additional 212 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Lindsay by 4.0% during the fourth quarter. Victory Capital Management Inc. now owns 6,151 shares of the industrial products company’s stock worth $592,000 after acquiring an additional 239 shares during the last quarter. Finally, Texas Permanent School Fund raised its position in shares of Lindsay by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 7,039 shares of the industrial products company’s stock worth $678,000 after acquiring an additional 271 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently commented on LNN. ValuEngine downgraded Lindsay from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Boenning Scattergood downgraded Lindsay from an “outperform” rating to a “neutral” rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $102.60.
Shares of LNN traded down $0.40 during trading hours on Wednesday, reaching $79.90. 46,500 shares of the stock traded hands, compared to its average volume of 102,199. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.63 and a current ratio of 3.85. Lindsay Co. has a 52-week low of $76.35 and a 52-week high of $109.50. The company’s 50-day simple moving average is $80.75. The company has a market capitalization of $843.92 million, a P/E ratio of 27.18 and a beta of 0.32.
Lindsay (NYSE:LNN) last announced its quarterly earnings results on Tuesday, April 9th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.60). The company had revenue of $109.20 million during the quarter, compared to the consensus estimate of $115.43 million. Lindsay had a net margin of 2.55% and a return on equity of 9.72%. The business’s revenue was down 16.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Equities research analysts expect that Lindsay Co. will post 1.84 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.31 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.24 annualized dividend and a yield of 1.55%. Lindsay’s dividend payout ratio (DPR) is 42.18%.
Lindsay Company Profile
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.
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