Goldman Sachs Group Inc. Has $904,000 Position in Lindsay Corporation (LNN)
Goldman Sachs Group Inc. decreased its position in shares of Lindsay Corporation (NYSE:LNN) by 49.3% during the first quarter, Holdings Channel reports. The firm owned 10,256 shares of the industrial products company’s stock after selling 9,978 shares during the period. Goldman Sachs Group Inc.’s holdings in Lindsay Corporation were worth $904,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LNN. Norges Bank purchased a new position in Lindsay Corporation during the fourth quarter worth $1,047,000. Fox Run Management L.L.C. purchased a new position in Lindsay Corporation during the first quarter worth $211,000. State of Alaska Department of Revenue boosted its position in Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock worth $103,000 after buying an additional 20 shares during the period. American Capital Management Inc. boosted its position in Lindsay Corporation by 0.3% in the first quarter. American Capital Management Inc. now owns 30,295 shares of the industrial products company’s stock worth $2,670,000 after buying an additional 85 shares during the period. Finally, ProShare Advisors LLC boosted its position in Lindsay Corporation by 17.2% in the first quarter. ProShare Advisors LLC now owns 79,684 shares of the industrial products company’s stock worth $7,022,000 after buying an additional 11,675 shares during the period.
Lindsay Corporation (NYSE:LNN) traded up 1.62% during mid-day trading on Monday, hitting $87.72. 7,390 shares of the stock were exchanged. Lindsay Corporation has a 52-week low of $69.11 and a 52-week high of $95.04. The stock’s 50 day moving average is $90.04 and its 200 day moving average is $84.66. The stock has a market cap of $937.64 million, a PE ratio of 38.01 and a beta of 0.43.
Lindsay Corporation (NYSE:LNN) last posted its quarterly earnings data on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $151.50 million for the quarter, compared to the consensus estimate of $145.30 million. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Analysts forecast that Lindsay Corporation will post $2.23 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th will be paid a $0.30 dividend. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Tuesday, August 15th. Lindsay Corporation’s dividend payout ratio (DPR) is currently 50.43%.
A number of research analysts recently weighed in on LNN shares. Zacks Investment Research cut shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 31st. Boenning Scattergood reiterated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Piper Jaffray Companies boosted their price target on shares of Lindsay Corporation from $77.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, July 3rd. Sidoti reiterated a “buy” rating and issued a $107.00 price target (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. Finally, BidaskClub cut shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 8th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Lindsay Corporation presently has an average rating of “Hold” and a consensus target price of $91.50.
In related news, insider David B. Downing sold 7,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $89.28, for a total transaction of $624,960.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rick Parod sold 77,387 shares of the firm’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $91.47, for a total transaction of $7,078,588.89. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Lindsay Corporation Company 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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