Lindsay Corporation (LNN) Shares Sold by Stephens Investment Management Group LLC
Stephens Investment Management Group LLC trimmed its position in Lindsay Corporation (NYSE:LNN) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 119,635 shares of the industrial products company’s stock after selling 940 shares during the quarter. Stephens Investment Management Group LLC owned approximately 1.12% of Lindsay Corporation worth $10,677,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its holdings in shares of Lindsay Corporation by 92.2% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 5,761 shares of the industrial products company’s stock valued at $514,000 after purchasing an additional 2,763 shares during the period. Nuance Investments LLC raised its holdings in shares of Lindsay Corporation by 60.9% in the 2nd quarter. Nuance Investments LLC now owns 51,697 shares of the industrial products company’s stock valued at $4,614,000 after purchasing an additional 19,571 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Lindsay Corporation by 5.4% in the 2nd quarter. Principal Financial Group Inc. now owns 94,772 shares of the industrial products company’s stock valued at $8,458,000 after purchasing an additional 4,830 shares during the period. Airain ltd bought a new stake in shares of Lindsay Corporation in the 2nd quarter valued at about $387,000. Finally, Royce & Associates LP raised its holdings in shares of Lindsay Corporation by 1.2% in the 2nd quarter. Royce & Associates LP now owns 963,524 shares of the industrial products company’s stock valued at $85,995,000 after purchasing an additional 11,600 shares during the period. 97.44% of the stock is currently owned by institutional investors.
In related news, insider David B. Downing sold 7,000 shares of the business’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 SEC, which can be accessed through the SEC website. Also, insider Rick Parod sold 77,387 shares of the business’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. 3.10% of the stock is currently owned by insiders.
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A number of brokerages have recently issued reports on LNN. Zacks Investment Research raised shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Monday, July 31st. BidaskClub cut shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Piper Jaffray Companies set a $80.00 target price on shares of Lindsay Corporation and gave the company a “hold” rating in a report on Saturday, August 5th. Stifel Nicolaus set a $76.00 target price on shares of Lindsay Corporation and gave the company a “hold” rating in a report on Friday, August 18th. Finally, Sidoti reaffirmed a “buy” rating and issued a $107.00 target price (up from $100.00) on shares of Lindsay Corporation in a report on Friday, July 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Lindsay Corporation has a consensus rating of “Hold” and a consensus target price of $91.50.
Shares of Lindsay Corporation (NYSE LNN) traded up 0.46% during midday trading on Wednesday, hitting $86.91. 16,826 shares of the stock were exchanged. The stock has a market capitalization of $928.98 million, a price-to-earnings ratio of 37.66 and a beta of 0.46. The firm’s 50 day moving average is $87.96 and its 200-day moving average is $86.11. Lindsay Corporation has a 1-year low of $69.11 and a 1-year high of $95.04.
Lindsay Corporation (NYSE:LNN) last released its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.07. Lindsay Corporation had a net margin of 4.75% and a return on equity of 9.69%. The business had revenue of $151.50 million for the quarter, compared to analysts’ expectations of $145.30 million. During the same period in the previous year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts predict that Lindsay Corporation will post $2.23 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 15th. This is a boost from Lindsay Corporation’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 1.39%. Lindsay Corporation’s payout ratio is 52.17%.
About Lindsay Corporation
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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