ProShare Advisors LLC Cuts Stake in Lindsay Corporation $LNN

ProShare Advisors LLC lessened its holdings in Lindsay Corporation (NYSE:LNN) by 16.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 46,858 shares of the industrial products company’s stock after selling 9,322 shares during the quarter. ProShare Advisors LLC’s holdings in Lindsay were worth $6,759,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of LNN. Assenagon Asset Management S.A. acquired a new stake in shares of Lindsay in the second quarter valued at $1,421,000. Integrity Alliance LLC. purchased a new stake in Lindsay during the 1st quarter worth about $290,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Lindsay by 82.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,626 shares of the industrial products company’s stock worth $5,393,000 after purchasing an additional 19,233 shares during the period. Victory Capital Management Inc. raised its position in Lindsay by 0.7% in the 1st quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company’s stock valued at $1,365,000 after purchasing an additional 76 shares in the last quarter. Finally, UniSuper Management Pty Ltd purchased a new position in shares of Lindsay in the 1st quarter valued at about $782,000. Institutional investors and hedge funds own 89.94% of the company’s stock.

Wall Street Analyst Weigh In

LNN has been the topic of a number of recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Lindsay in a research note on Friday, October 31st. Stifel Nicolaus set a $122.00 price target on shares of Lindsay in a report on Friday, October 24th. Finally, Wall Street Zen lowered shares of Lindsay from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay currently has a consensus rating of “Hold” and a consensus price target of $122.00.

Lindsay Stock Performance

NYSE LNN opened at $112.18 on Thursday. The company has a fifty day moving average of $129.86 and a two-hundred day moving average of $135.17. Lindsay Corporation has a 1 year low of $108.70 and a 1 year high of $150.96. The company has a market capitalization of $1.21 billion, a PE ratio of 16.55 and a beta of 0.84. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.71 and a quick ratio of 2.76.

Lindsay (NYSE:LNN) last announced its earnings results on Thursday, October 23rd. The industrial products company reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.05). Lindsay had a net margin of 10.95% and a return on equity of 14.33%. The business had revenue of $153.56 million during the quarter, compared to analysts’ expectations of $156.91 million. During the same period in the previous year, the company posted $1.17 earnings per share. Lindsay’s quarterly revenue was down .9% on a year-over-year basis. As a group, analysts expect that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, November 14th. Lindsay’s dividend payout ratio (DPR) is presently 21.83%.

Lindsay Company Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.