Oregon Public Employees Retirement Fund reduced its position in Lindsay Co. (NYSE:LNN – Get Rating) by 2.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,097 shares of the industrial products company’s stock after selling 100 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Lindsay were worth $643,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp increased its position in Lindsay by 25.9% during the fourth quarter. Van ECK Associates Corp now owns 1,438 shares of the industrial products company’s stock worth $219,000 after buying an additional 296 shares in the last quarter. Annex Advisory Services LLC purchased a new position in Lindsay during the first quarter worth $223,000. Inspire Investing LLC purchased a new position in Lindsay during the first quarter worth $249,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Lindsay by 21.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,103 shares of the industrial products company’s stock worth $320,000 after buying an additional 374 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in Lindsay by 21.0% during the fourth quarter. Teacher Retirement System of Texas now owns 2,119 shares of the industrial products company’s stock worth $322,000 after buying an additional 368 shares in the last quarter. 85.44% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on LNN. Northcoast Research began coverage on Lindsay in a research report on Friday. They set a “buy” rating and a $150.00 price target for the company. Stifel Nicolaus dropped their price target on Lindsay from $180.00 to $172.00 in a research report on Wednesday, June 15th. Roth Capital started coverage on Lindsay in a report on Friday, June 3rd. They set a “neutral” rating and a $135.00 price objective on the stock. Finally, StockNews.com started coverage on Lindsay in a report on Thursday, March 31st. They set a “hold” rating on the stock.
Lindsay Price Performance
LNN stock opened at $130.65 on Friday. Lindsay Co. has a 52-week low of $116.77 and a 52-week high of $179.26. The stock’s fifty day simple moving average is $127.13 and its 200-day simple moving average is $135.49. The company has a quick ratio of 1.61, a current ratio of 2.74 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 26.94 and a beta of 0.47.
Lindsay (NYSE:LNN – Get Rating) last issued its earnings results on Thursday, June 30th. The industrial products company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.68. Lindsay had a return on equity of 17.59% and a net margin of 7.27%. The firm had revenue of $214.30 million for the quarter, compared to analysts’ expectations of $188.95 million. During the same quarter last year, the firm earned $1.61 earnings per share. The firm’s revenue for the quarter was up 32.4% compared to the same quarter last year. Equities research analysts expect that Lindsay Co. will post 5.85 EPS for the current year.
Lindsay Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Wednesday, August 17th will be issued a $0.34 dividend. The ex-dividend date is Tuesday, August 16th. This represents a $1.36 dividend on an annualized basis and a yield of 1.04%. This is a boost from Lindsay’s previous quarterly dividend of $0.33. Lindsay’s dividend payout ratio (DPR) is presently 27.22%.
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company operates in two segments, Irrigation and Infrastructure. The 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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