First Trust Advisors LP Decreases Holdings in Lindsay Co. (NYSE:LNN)
First Trust Advisors LP trimmed its holdings in shares of Lindsay Co. (NYSE:LNN) by 30.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,114 shares of the industrial products company’s stock after selling 30,053 shares during the period. First Trust Advisors LP’s holdings in Lindsay were worth $6,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently bought and sold shares of LNN. Raymond James & Associates increased its position in Lindsay by 22.5% in the 3rd quarter. Raymond James & Associates now owns 31,741 shares of the industrial products company’s stock valued at $3,069,000 after acquiring an additional 5,834 shares during the period. BNP Paribas Arbitrage SA grew its holdings in shares of Lindsay by 158.2% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,078 shares of the industrial products company’s stock worth $298,000 after acquiring an additional 1,886 shares during the period. KBC Group NV lifted its stake in Lindsay by 3.3% in the 3rd quarter. KBC Group NV now owns 147,569 shares of the industrial products company’s stock valued at $14,267,000 after buying an additional 4,764 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in Lindsay by 67.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 5,000 shares of the industrial products company’s stock valued at $483,000 after buying an additional 2,010 shares in the last quarter. Finally, Cardinal Capital Management lifted its stake in shares of Lindsay by 5.9% during the 3rd quarter. Cardinal Capital Management now owns 8,021 shares of the industrial products company’s stock worth $775,000 after purchasing an additional 444 shares during the period. 89.12% of the stock is owned by institutional investors and hedge funds.
NYSE LNN opened at $113.79 on Friday. Lindsay Co. has a 12 month low of $71.86 and a 12 month high of $122.98. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.40 and a quick ratio of 2.37. The firm has a market capitalization of $1.23 billion, a PE ratio of 31.96 and a beta of 0.23. The company’s 50 day simple moving average is $108.55 and its 200 day simple moving average is $98.93.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Friday, November 13th. Lindsay’s dividend payout ratio (DPR) is currently 35.96%.
LNN has been the topic of several research reports. Monness Crespi & Hardt raised Lindsay from a “sell” rating to a “neutral” rating in a research report on Friday, October 23rd. Boenning Scattergood upgraded Lindsay from a “neutral” rating to an “outperform” rating and set a $145.00 price target for the company in a report on Thursday, October 22nd. Four research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $106.60.
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company 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 and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.
Further Reading: What defines an oversold asset?
Want to see what other hedge funds are holding LNN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lindsay Co. (NYSE:LNN).
Receive News & Ratings for Lindsay Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lindsay and related companies with MarketBeat.com's FREE daily email newsletter.