Comerica Bank lessened its stake in shares of Lindsay Corporation (NYSE:LNN) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,745 shares of the industrial products company’s stock after selling 596 shares during the period. Comerica Bank owned about 0.11% of Lindsay Corporation worth $1,089,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Legal & General Group Plc raised its holdings in Lindsay Corporation by 9.3% during the 2nd quarter. Legal & General Group Plc now owns 20,506 shares of the industrial products company’s stock worth $1,833,000 after buying an additional 1,738 shares during the period. Advisors Asset Management Inc. raised its holdings in Lindsay Corporation by 27.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,270 shares of the industrial products company’s stock worth $381,000 after buying an additional 907 shares during the period. First Trust Advisors LP raised its holdings in Lindsay Corporation by 8.1% during the 2nd quarter. First Trust Advisors LP now owns 58,812 shares of the industrial products company’s stock worth $5,249,000 after buying an additional 4,389 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Lindsay Corporation by 5.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 74,168 shares of the industrial products company’s stock worth $6,620,000 after buying an additional 3,970 shares during the period. Finally, Trexquant Investment LP acquired a new stake in Lindsay Corporation during the 2nd quarter worth about $478,000. Hedge funds and other institutional investors own 97.44% of the company’s stock.

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In other news, insider David B. Downing sold 7,000 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which is accessible through this link. Also, insider Rick Parod sold 77,387 shares of the firm’s 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.

Lindsay Corporation (NYSE LNN) opened at 89.07 on Monday. Lindsay Corporation has a 1-year low of $69.11 and a 1-year high of $95.04. The stock has a market cap of $952.07 million, a PE ratio of 38.59 and a beta of 0.46. The firm’s 50-day moving average price is $87.54 and its 200 day moving average price is $86.23.

Lindsay Corporation (NYSE:LNN) last released its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The company had revenue of $151.50 million for the quarter, compared to analyst estimates of $145.30 million. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. Lindsay Corporation’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. Equities research analysts expect that Lindsay Corporation will post $2.23 EPS for the current year.

The firm also recently declared 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. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.35%. This is a positive change from Lindsay Corporation’s previous quarterly dividend of $0.29. Lindsay Corporation’s dividend payout ratio (DPR) is currently 52.17%.

Several analysts have issued reports on LNN shares. BidaskClub downgraded Lindsay Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Zacks Investment Research cut Lindsay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 31st. Piper Jaffray Companies reaffirmed a “hold” rating and set a $80.00 target price on shares of Lindsay Corporation in a research note on Sunday, September 10th. Boenning Scattergood reaffirmed a “hold” rating on shares of Lindsay Corporation in a research note on Thursday, June 29th. Finally, Sidoti reaffirmed a “buy” rating and set a $107.00 target price (up previously from $100.00) on shares of Lindsay Corporation in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $91.50.

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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