Royce & Associates LP Reduces Stake in Lindsay Corporation $LNN

Royce & Associates LP trimmed its holdings in Lindsay Corporation (NYSE:LNN) by 5.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 297,870 shares of the industrial products company’s stock after selling 16,865 shares during the quarter. Royce & Associates LP owned about 2.76% of Lindsay worth $41,869,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in LNN. Amalgamated Bank lifted its position in shares of Lindsay by 3.5% during the 3rd quarter. Amalgamated Bank now owns 3,204 shares of the industrial products company’s stock worth $450,000 after buying an additional 107 shares during the last quarter. Sei Investments Co. raised its stake in Lindsay by 2.3% during the 2nd quarter. Sei Investments Co. now owns 6,466 shares of the industrial products company’s stock worth $933,000 after acquiring an additional 145 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Lindsay by 7.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 2,790 shares of the industrial products company’s stock valued at $402,000 after acquiring an additional 189 shares during the last quarter. Bank of Montreal Can boosted its stake in Lindsay by 12.7% in the second 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, Diversified Trust Co grew its holdings in shares of Lindsay by 15.9% during the third quarter. Diversified Trust Co now owns 1,743 shares of the industrial products company’s stock worth $245,000 after purchasing an additional 239 shares during the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Lindsay Stock Up 0.8%

Shares of Lindsay stock opened at $135.18 on Friday. Lindsay Corporation has a one year low of $106.10 and a one year high of $150.96. The company has a market cap of $1.41 billion, a P/E ratio of 20.03 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.43 and a current ratio of 3.42. The firm has a fifty day moving average of $127.02 and a two-hundred day moving average of $127.41.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, January 8th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. The business had revenue of $155.82 million for the quarter, compared to analyst estimates of $166.81 million. Lindsay had a net margin of 11.02% and a return on equity of 14.01%. The business’s revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.57 earnings per share. On average, analysts forecast that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, February 13th. Lindsay’s dividend payout ratio (DPR) is currently 21.93%.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus lifted their target price on Lindsay from $122.00 to $128.00 and gave the stock a “hold” rating in a research report on Friday, January 9th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $128.00.

Lindsay Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.