Van ECK Associates Corp Buys 362 Shares of Lindsay Corporation (LNN)
Van ECK Associates Corp raised its stake in Lindsay Corporation (NYSE:LNN) by 27.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,692 shares of the industrial products company’s stock after purchasing an additional 362 shares during the period. Van ECK Associates Corp’s holdings in Lindsay Corporation were worth $151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Lindsay Corporation by 7,401.9% during the 1st quarter. BlackRock Inc. now owns 1,325,961 shares of the industrial products company’s stock worth $116,844,000 after purchasing an additional 1,308,286 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Lindsay Corporation by 5.5% during the first quarter. Vanguard Group Inc. now owns 992,657 shares of the industrial products company’s stock worth $87,472,000 after purchasing an additional 51,592 shares in the last quarter. Royce & Associates LP grew its stake in shares of Lindsay Corporation by 1.2% during the second quarter. Royce & Associates LP now owns 963,524 shares of the industrial products company’s stock worth $85,995,000 after purchasing an additional 11,600 shares in the last quarter. State Street Corp grew its stake in shares of Lindsay Corporation by 8.3% during the first quarter. State Street Corp now owns 260,185 shares of the industrial products company’s stock worth $22,929,000 after purchasing an additional 19,885 shares in the last quarter. Finally, Thrivent Financial For Lutherans grew its stake in shares of Lindsay Corporation by 7.8% during the first quarter. Thrivent Financial For Lutherans now owns 170,420 shares of the industrial products company’s stock worth $15,017,000 after purchasing an additional 12,320 shares in the last quarter. 97.44% of the stock is currently owned by institutional investors.
Several equities analysts recently commented on LNN shares. Piper Jaffray Companies reissued a “hold” rating and issued a $80.00 target price on shares of Lindsay Corporation in a report on Sunday, September 10th. BidaskClub downgraded Lindsay Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Stifel Nicolaus set a $76.00 price target on Lindsay Corporation and gave the stock a “hold” rating in a report on Friday, August 18th. Zacks Investment Research raised Lindsay Corporation from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research report on Monday, July 31st. Finally, Sidoti reaffirmed a “buy” rating and set a $107.00 price objective (up from $100.00) on shares of Lindsay Corporation in a research report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Lindsay Corporation has an average rating of “Hold” and an average price target of $91.50.
In related news, insider Rick Parod sold 77,387 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $91.47, for a total transaction of $7,078,588.89. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.10% of the stock is owned by insiders.
Shares of Lindsay Corporation (LNN) opened at 91.90 on Monday. The stock has a market cap of $982.32 million, a P/E ratio of 39.82 and a beta of 0.44. Lindsay Corporation has a 12 month low of $69.11 and a 12 month high of $95.04. The stock’s 50 day moving average is $87.44 and its 200 day moving average is $86.44.
Lindsay Corporation (NYSE:LNN) last issued its earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. The business 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 company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 EPS. Analysts predict that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
Lindsay Corporation 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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