Lindsay Corporation (NYSE:LNN) Shares Sold by American International Group Inc.
American International Group Inc. lowered its stake in Lindsay Corporation (NYSE:LNN) by 16.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,527 shares of the industrial products company’s stock after selling 1,248 shares during the period. American International Group Inc. owned about 0.06% of Lindsay Corporation worth $575,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. 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 in the last quarter. Comerica Bank raised its stake in shares of Lindsay Corporation by 5.4% in the fourth quarter. Comerica Bank now owns 11,914 shares of the industrial products company’s stock worth $891,000 after buying an additional 606 shares during the last quarter. US Bancorp DE raised its stake in shares of Lindsay Corporation by 100.0% in the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock worth $159,000 after buying an additional 900 shares during the last quarter. Norges Bank purchased a new stake in shares of Lindsay Corporation during the fourth quarter worth about $1,047,000. Finally, Manchester Capital Management LLC raised its stake in shares of Lindsay Corporation by 0.3% in the first quarter. Manchester Capital Management LLC now owns 9,440 shares of the industrial products company’s stock worth $832,000 after buying an additional 26 shares during the last quarter.
Shares of Lindsay Corporation (LNN) traded up 0.58% on Friday, hitting $90.01. 32,748 shares of the stock were exchanged. The firm’s 50-day moving average is $89.21 and its 200-day moving average is $84.03. Lindsay Corporation has a one year low of $69.11 and a one year high of $95.04. The company has a market cap of $962.12 million, a P/E ratio of 39.00 and a beta of 0.43.
Lindsay Corporation (NYSE:LNN) last issued its earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The firm had revenue of $151.50 million during the quarter, compared to the consensus estimate of $145.30 million. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, equities analysts forecast that Lindsay Corporation will post $2.23 EPS for the current fiscal year.
The company also recently disclosed 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. The ex-dividend date is Tuesday, August 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s dividend payout ratio is currently 50.43%.
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A number of research firms have recently weighed in on LNN. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Monday. Piper Jaffray Companies upped their price objective on shares of Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd. Sidoti restated a “buy” rating and issued a $107.00 price objective (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. Boenning Scattergood reiterated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Finally, BidaskClub downgraded shares of Lindsay Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $91.50.
In related news, insider David B. Downing sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $89.28, for a total value of $624,960.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $91.47, for a total value of $7,078,588.89. The disclosure for this sale can be found here. Corporate 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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