Hussman Strategic Advisors Inc. acquired a new stake in shares of Lindsay Corporation (NYSE:LNN) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 25,000 shares of the industrial products company’s stock, valued at approximately $2,297,000. Hussman Strategic Advisors Inc. owned 0.23% of Lindsay Corporation as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. bought a new position in shares of Lindsay Corporation during the third quarter valued at $261,000. Crossmark Global Holdings Inc. acquired a new stake in shares of Lindsay Corporation in the third quarter valued at $224,000. Cardinal Capital Management increased its stake in shares of Lindsay Corporation by 9.7% in the third quarter. Cardinal Capital Management now owns 7,351 shares of the industrial products company’s stock valued at $675,000 after buying an additional 653 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Lindsay Corporation by 1.6% in the third quarter. First Trust Advisors LP now owns 59,771 shares of the industrial products company’s stock valued at $5,493,000 after buying an additional 959 shares in the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Lindsay Corporation in the second quarter valued at $205,000. 97.24% of the stock is owned by institutional investors.
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Lindsay Corporation (NYSE:LNN) last issued its quarterly earnings results on Thursday, October 12th. The industrial products company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.18. The company had revenue of $131.94 million during the quarter, compared to analysts’ expectations of $134.83 million. Lindsay Corporation had a return on equity of 8.95% and a net margin of 4.47%.
The business 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. The ex-dividend date is Wednesday, November 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.31%. Lindsay Corporation’s payout ratio is 55.56%.
LNN has been the subject of a number of research reports. Sidoti restated a “buy” rating and issued a $107.00 target price (up from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. BidaskClub lowered Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 8th. Zacks Investment Research upgraded Lindsay Corporation from a “hold” rating to a “buy” rating and set a $101.00 target price for the company in a research note on Wednesday, July 12th. Piper Jaffray Companies set a $80.00 target price on Lindsay Corporation and gave the company a “hold” rating in a research note on Saturday, August 5th. Finally, Stifel Nicolaus set a $76.00 target price on Lindsay Corporation and gave the company a “hold” rating in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $95.00.
Lindsay Corporation 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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