New York State Teachers Retirement System Sells 4,947 Shares of Lindsay Corporation $LNN

New York State Teachers Retirement System lessened its holdings in Lindsay Corporation (NYSE:LNN) by 29.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,115 shares of the industrial products company’s stock after selling 4,947 shares during the period. New York State Teachers Retirement System owned 0.12% of Lindsay worth $1,443,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd acquired a new stake in shares of Lindsay in the fourth quarter worth about $25,000. Advisory Services Network LLC acquired a new stake in Lindsay in the 3rd quarter worth approximately $30,000. Copeland Capital Management LLC bought a new stake in Lindsay during the fourth quarter worth approximately $62,000. Kestra Advisory Services LLC bought a new stake in Lindsay during the fourth quarter worth approximately $83,000. Finally, Russell Investments Group Ltd. grew its holdings in Lindsay by 2,226.8% during the third quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 913 shares during the last quarter. 89.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LNN has been the subject of several recent analyst reports. Zacks Research raised shares of Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Stifel Nicolaus decreased their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a report on Monday, April 6th. Finally, Weiss Ratings downgraded Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $113.00.

Lindsay Stock Performance

NYSE:LNN traded up $2.46 during trading hours on Friday, hitting $113.64. 152,452 shares of the company traded hands, compared to its average volume of 187,321. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a twelve month low of $97.27 and a twelve month high of $148.00. The firm has a 50-day moving average of $113.83 and a 200 day moving average of $119.16. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 21.81 and a beta of 0.69.

Lindsay (NYSE:LNN) last posted its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.39. The company had revenue of $160.76 million for the quarter, compared to analyst estimates of $157.80 million. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the business posted $1.78 EPS. On average, analysts forecast that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid a dividend of $0.38 per share. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, August 17th. Lindsay’s dividend payout ratio is presently 28.41%.

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.