JPMorgan Chase & Co. Boosts Holdings in Lindsay Corporation $LNN

JPMorgan Chase & Co. increased its position in Lindsay Corporation (NYSE:LNN) by 20.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,327 shares of the industrial products company’s stock after purchasing an additional 17,207 shares during the period. JPMorgan Chase & Co.’s holdings in Lindsay were worth $14,472,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. USA Financial Formulas purchased a new position in Lindsay in the second quarter worth about $26,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Lindsay by 7.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 2,790 shares of the industrial products company’s stock worth $402,000 after acquiring an additional 189 shares during the last quarter. Union Bancaire Privee UBP SA raised its holdings in Lindsay by 3.6% in the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,133 shares of the industrial products company’s stock worth $878,000 after acquiring an additional 215 shares during the last quarter. Bank of Montreal Can lifted its position in Lindsay by 12.7% in the 2nd quarter. Bank of Montreal Can now owns 2,076 shares of the industrial products company’s stock valued at $299,000 after acquiring an additional 234 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Lindsay by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock valued at $817,000 after purchasing an additional 289 shares during the last quarter. 89.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on LNN shares. Wall Street Zen cut Lindsay from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Stifel Nicolaus set a $122.00 price objective on Lindsay in a report on Friday, October 24th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Lindsay in a research report on Friday, October 31st. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay has a consensus rating of “Hold” and a consensus price target of $122.00.

Lindsay Stock Performance

LNN stock opened at $118.65 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.71 and a quick ratio of 2.76. Lindsay Corporation has a 1 year low of $106.10 and a 1 year high of $150.96. The company has a market cap of $1.26 billion, a P/E ratio of 17.50 and a beta of 0.83. The stock’s fifty day moving average price is $121.15 and its 200-day moving average price is $132.62.

Lindsay (NYSE:LNN) last posted its earnings results on Thursday, October 23rd. The industrial products company reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.05). The firm had revenue of $153.56 million during the quarter, compared to the consensus estimate of $156.91 million. Lindsay had a net margin of 10.95% and a return on equity of 14.33%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.17 EPS. On average, equities analysts forecast that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 14th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.2%. Lindsay’s dividend payout ratio (DPR) is presently 21.83%.

Lindsay Company Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It 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 brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.