Lindsay Corporation (LNN) Position Boosted by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA increased its holdings in Lindsay Corporation (NYSE:LNN) by 41.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,434 shares of the industrial products company’s stock after buying an additional 1,895 shares during the quarter. BNP Paribas Arbitrage SA owned about 0.06% of Lindsay worth $591,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Flinton Capital Management LLC boosted its stake in Lindsay by 72.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after purchasing an additional 544 shares in the last quarter. Acrospire Investment Management LLC lifted its position in shares of Lindsay by 467.1% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $128,000 after acquiring an additional 1,177 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Lindsay by 27.2% during the 2nd quarter. Van ECK Associates Corp now owns 1,692 shares of the industrial products company’s stock valued at $151,000 after acquiring an additional 362 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of Lindsay during the 2nd quarter valued at $205,000. Finally, OxFORD Asset Management LLP acquired a new stake in shares of Lindsay during the 2nd quarter valued at $219,000. 94.31% of the stock is owned by institutional investors and hedge funds.
LNN has been the subject of a number of recent research reports. BidaskClub downgraded Lindsay from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Boenning Scattergood reiterated a “hold” rating on shares of Lindsay in a research report on Thursday, October 12th. TheStreet downgraded Lindsay from a “b” rating to a “c+” rating in a research report on Thursday, October 12th. Stifel Nicolaus increased their price objective on Lindsay from $76.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, October 13th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $80.00 price objective on shares of Lindsay in a research report on Sunday, September 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $95.00.
Lindsay Corporation (NYSE:LNN) traded down $0.20 on Friday, hitting $92.61. The stock had a trading volume of 112,100 shares, compared to its average volume of 81,583. The stock has a market capitalization of $992.79, a price-to-earnings ratio of 42.97, a P/E/G ratio of 2.10 and a beta of 0.50. Lindsay Corporation has a one year low of $72.85 and a one year high of $96.22. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.18 and a quick ratio of 2.25.
Lindsay (NYSE:LNN) last released its earnings results on Thursday, October 12th. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.18. The company had revenue of $131.94 million during the quarter, compared to analyst estimates of $134.83 million. Lindsay had a return on equity of 8.95% and a net margin of 4.47%. equities analysts expect that Lindsay Corporation will post 2.95 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.30%. Lindsay’s payout ratio is currently 55.56%.
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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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