Ameriprise Financial Inc. trimmed its position in shares of Lindsay Corporation (NYSE:LNN) by 0.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,580 shares of the industrial products company’s stock after selling 457 shares during the quarter. Ameriprise Financial Inc. owned 0.54% of Lindsay Corporation worth $5,140,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in Lindsay Corporation by 7,401.9% in the 1st quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock valued at $116,844,000 after buying an additional 1,308,286 shares during the last quarter. Vanguard Group Inc. raised its position in Lindsay Corporation by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 992,657 shares of the industrial products company’s stock valued at $87,472,000 after buying an additional 51,592 shares during the last quarter. State Street Corp raised its position in Lindsay Corporation by 8.3% in the 1st quarter. State Street Corp now owns 260,185 shares of the industrial products company’s stock valued at $22,929,000 after buying an additional 19,885 shares during the last quarter. Nuance Investments LLC raised its position in Lindsay Corporation by 60.9% in the 2nd quarter. Nuance Investments LLC now owns 51,697 shares of the industrial products company’s stock valued at $4,614,000 after buying an additional 19,571 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Lindsay Corporation by 172.3% in the 1st quarter. JPMorgan Chase & Co. now owns 25,576 shares of the industrial products company’s stock valued at $2,254,000 after buying an additional 16,183 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on the company. TheStreet lowered Lindsay Corporation from a “b” rating to a “c+” rating in a research report on Thursday, October 12th. Boenning Scattergood reissued a “hold” rating on shares of Lindsay Corporation in a research report on Thursday, October 12th. Stifel Nicolaus increased their price target on Lindsay Corporation from $76.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, October 13th. Zacks Investment Research raised Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a research report on Monday, July 31st. Finally, BidaskClub lowered Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Lindsay Corporation presently has a consensus rating of “Hold” and an average target price of $95.00.
Shares of Lindsay Corporation (NYSE LNN) opened at 91.22 on Monday. The stock has a market capitalization of $975.78 million, a price-to-earnings ratio of 42.04 and a beta of 0.44. Lindsay Corporation has a 12 month low of $72.85 and a 12 month high of $95.04. The stock’s 50 day moving average price is $89.72 and its 200 day moving average price is $87.95.
Lindsay Corporation (NYSE:LNN) last posted its quarterly earnings results on Thursday, October 12th. The industrial products company reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.18. Lindsay Corporation had a return on equity of 8.95% and a net margin of 4.47%. The firm had revenue of $131.94 million during the quarter, compared to analysts’ expectations of $134.83 million. Analysts expect that Lindsay Corporation will post $2.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.32%. The ex-dividend date is Wednesday, November 15th. Lindsay Corporation’s dividend payout ratio is currently 55.56%.
In other news, insider Rick Parod sold 77,387 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $91.47, for a total value of $7,078,588.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.10% of the stock is owned by 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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