Mangrove Partners IM LLC Invests $845,000 in Lindsay Corporation $LNN

Mangrove Partners IM LLC purchased a new position in shares of Lindsay Corporation (NYSE:LNN) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 6,010 shares of the industrial products company’s stock, valued at approximately $845,000.

Other hedge funds also recently bought and sold shares of the company. State Street Corp increased its stake in Lindsay by 5.6% in the second quarter. State Street Corp now owns 473,772 shares of the industrial products company’s stock worth $68,342,000 after purchasing an additional 25,251 shares during the period. Geode Capital Management LLC boosted its stake in shares of Lindsay by 0.3% during the second quarter. Geode Capital Management LLC now owns 262,526 shares of the industrial products company’s stock valued at $37,874,000 after purchasing an additional 818 shares during the period. Amundi grew its holdings in shares of Lindsay by 48.8% in the second quarter. Amundi now owns 210,043 shares of the industrial products company’s stock worth $28,286,000 after purchasing an additional 68,863 shares during the last quarter. Invesco Ltd. increased its stake in Lindsay by 32.6% in the 3rd quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock worth $28,953,000 after buying an additional 50,671 shares during the period. Finally, First Trust Advisors LP increased its stake in Lindsay by 4.9% in the 3rd quarter. First Trust Advisors LP now owns 191,820 shares of the industrial products company’s stock worth $26,962,000 after buying an additional 8,985 shares during the period. Institutional investors own 89.94% of the company’s stock.

Lindsay Stock Down 0.3%

NYSE:LNN opened at $125.55 on Friday. The company’s 50-day simple moving average is $129.21 and its 200-day simple moving average is $126.77. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.43 and a current ratio of 3.42. Lindsay Corporation has a fifty-two week low of $106.10 and a fifty-two week high of $150.96. The stock has a market capitalization of $1.31 billion, a P/E ratio of 18.60 and a beta of 0.79.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, January 8th. The industrial products company reported $1.54 EPS for the quarter, topping the consensus estimate of $1.46 by $0.08. Lindsay had a net margin of 11.02% and a return on equity of 14.01%. The firm had revenue of $155.82 million during the quarter, compared to analyst estimates of $166.81 million. During the same quarter in the previous year, the business posted $1.57 EPS. Lindsay’s revenue was down 6.3% on a year-over-year basis. On average, equities analysts anticipate that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, February 13th. Lindsay’s payout ratio is currently 21.93%.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus lifted their price objective on shares of Lindsay from $122.00 to $128.00 and gave the company a “hold” rating in a report on Friday, January 9th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Lindsay presently has an average rating of “Hold” and an average target price of $128.00.

Lindsay Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.