Mangrove Partners IM LLC Purchases Shares of 6,010 Lindsay Corporation $LNN

Mangrove Partners IM LLC purchased a new position in Lindsay Corporation (NYSE:LNN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,010 shares of the industrial products company’s stock, valued at approximately $845,000. Mangrove Partners IM LLC owned 0.06% of Lindsay at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in shares of Lindsay by 2,226.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock valued at $134,000 after buying an additional 913 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Lindsay in the 2nd quarter worth $159,000. State of Wyoming raised its holdings in Lindsay by 196.4% during the second quarter. State of Wyoming now owns 1,227 shares of the industrial products company’s stock valued at $177,000 after acquiring an additional 813 shares during the period. Corient Private Wealth LLC bought a new stake in Lindsay during the second quarter valued at about $217,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Lindsay by 642.9% in the second quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the industrial products company’s stock valued at $225,000 after acquiring an additional 1,350 shares in the last quarter. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Down 0.3%

Shares of NYSE:LNN opened at $125.55 on Friday. The company has a current ratio of 3.42, a quick ratio of 2.43 and a debt-to-equity ratio of 0.22. Lindsay Corporation has a 12 month low of $106.10 and a 12 month high of $150.96. The company has a 50-day moving average price of $129.21 and a 200 day moving average price of $126.77. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 18.60 and a beta of 0.79.

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

Lindsay Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a dividend of $0.37 per share. The ex-dividend date was Friday, February 13th. This represents a $1.48 dividend on an annualized basis and a yield of 1.2%. Lindsay’s payout ratio is 21.93%.

Analyst Ratings Changes

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

About Lindsay

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.