Zurcher Kantonalbank Zurich Cantonalbank Cuts Holdings in Lindsay Corporation (LNN)
Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Lindsay Corporation (NYSE:LNN) by 21.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,430 shares of the industrial products company’s stock after selling 7,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.25% of Lindsay Corporation worth $2,359,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its stake in shares of Lindsay Corporation by 1.7% in the 1st quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock valued at $103,000 after purchasing an additional 20 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Lindsay Corporation by 13.7% in the 1st quarter. Van ECK Associates Corp now owns 1,330 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 160 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Lindsay Corporation in the 1st quarter valued at $133,000. US Bancorp DE boosted its stake in shares of Lindsay Corporation by 100.0% in the 1st quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 900 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its stake in shares of Lindsay Corporation by 7.0% in the 1st quarter. Mason Street Advisors LLC now owns 2,486 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 163 shares in the last quarter. 97.44% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on LNN shares. Zacks Investment Research cut shares of Lindsay Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Boenning Scattergood reaffirmed a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Stifel Nicolaus set a $76.00 price objective on shares of Lindsay Corporation and gave the company a “hold” rating in a research note on Friday, August 18th. BidaskClub cut shares of Lindsay Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Finally, 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. One investment 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. Lindsay Corporation currently has a consensus rating of “Hold” and a consensus target price of $91.50.
Shares of Lindsay Corporation (LNN) opened at 84.73 on Thursday. The stock has a market cap of $905.68 million, a PE ratio of 36.71 and a beta of 0.46. The stock has a 50 day moving average of $88.60 and a 200-day moving average of $85.99. Lindsay Corporation has a 52 week low of $69.11 and a 52 week high of $95.04.
Lindsay Corporation (NYSE:LNN) last released its 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 return on equity of 9.69% and a net margin of 4.75%. The business had revenue of $151.50 million during the quarter, compared to the consensus estimate of $145.30 million. During the same period last year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts predict that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.42%. This is an increase from Lindsay Corporation’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Tuesday, August 15th. Lindsay Corporation’s dividend payout ratio (DPR) is 52.17%.
In other news, insider David B. Downing sold 7,000 shares of Lindsay Corporation stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rick Parod sold 77,387 shares of Lindsay Corporation stock in a transaction on 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. 3.10% of the stock is currently owned by company insiders.
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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