Municipal Employees Retirement System of Michigan raised its stake in Lindsay Corporation (NYSE:LNN) by 41.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,390 shares of the industrial products company’s stock after buying an additional 1,000 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Lindsay Corporation were worth $303,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in LNN. BlackRock Inc. raised its position in shares of Lindsay Corporation by 7,401.9% in the first quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock valued at $116,844,000 after buying an additional 1,308,286 shares during the period. Vanguard Group Inc. raised its position in shares of Lindsay Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 992,657 shares of the industrial products company’s stock valued at $87,472,000 after buying an additional 51,592 shares during the period. Bank of New York Mellon Corp raised its position in shares of Lindsay Corporation by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 480,095 shares of the industrial products company’s stock valued at $42,306,000 after buying an additional 11,590 shares during the period. Impax Asset Management LTD raised its position in shares of Lindsay Corporation by 2.0% in the first quarter. Impax Asset Management LTD now owns 407,024 shares of the industrial products company’s stock valued at $35,867,000 after buying an additional 8,000 shares during the period. Finally, State Street Corp raised its position in shares of Lindsay Corporation by 8.3% in the first quarter. State Street Corp now owns 260,185 shares of the industrial products company’s stock valued at $22,929,000 after buying an additional 19,885 shares during the period. Institutional investors own 97.44% of the company’s stock.

Shares of Lindsay Corporation (NYSE LNN) opened at 85.81 on Thursday. Lindsay Corporation has a 12-month low of $69.11 and a 12-month high of $95.04. The company’s 50 day moving average is $89.60 and its 200 day moving average is $85.39. The company has a market capitalization of $917.22 million, a P/E ratio of 37.18 and a beta of 0.43.

Lindsay Corporation (NYSE:LNN) last announced its quarterly earnings data 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 return on equity of 9.69% and a net margin of 4.75%. The company had revenue of $151.50 million during the quarter, compared to analyst estimates of $145.30 million. During the same quarter last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Analysts expect that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $1.20 annualized dividend and a yield of 1.40%. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s dividend payout ratio (DPR) is 52.17%.

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Several research analysts have recently commented on LNN shares. BidaskClub lowered shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Boenning Scattergood restated a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Zacks Investment Research upgraded shares of Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research note on Monday, July 31st. Piper Jaffray Companies set a $80.00 price target on shares of Lindsay Corporation and gave the stock a “hold” rating in a research note on Saturday, August 5th. Finally, Sidoti reaffirmed a “buy” rating and set a $107.00 price objective (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 assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $91.50.

In related news, insider David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction dated Thursday, July 27th. The stock was 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. Company insiders own 3.10% of the company’s stock.

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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Institutional Ownership by Quarter for Lindsay Corporation (NYSE:LNN)

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