Municipal Employees Retirement System of Michigan boosted its holdings in shares of Lindsay Corporation (NYSE:LNN) by 43.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,870 shares of the industrial products company’s stock after purchasing an additional 1,480 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Lindsay were worth $448,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Flinton Capital Management LLC increased its holdings in Lindsay by 72.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock worth $115,000 after purchasing an additional 544 shares during the last quarter. Acrospire Investment Management LLC grew its position in shares of Lindsay by 467.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,429 shares of the industrial products company’s stock worth $128,000 after acquiring an additional 1,177 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Lindsay by 27.2% in the 2nd quarter. Van ECK Associates Corp now owns 1,692 shares of the industrial products company’s stock worth $151,000 after acquiring an additional 362 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in shares of Lindsay in the 2nd quarter worth approximately $205,000. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Lindsay in the 3rd quarter worth approximately $224,000. Institutional investors own 94.31% of the company’s stock.
Several brokerages have recently commented on LNN. TheStreet upgraded Lindsay from a “c+” rating to a “b-” rating in a research report on Thursday, November 16th. Boenning Scattergood reiterated a “hold” rating on shares of Lindsay in a research report on Thursday, October 12th. Stifel Nicolaus lifted their target price on Lindsay from $76.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, October 13th. Piper Jaffray Companies reiterated a “hold” rating and issued a $80.00 target price on shares of Lindsay in a research report on Sunday, September 10th. Finally, BidaskClub lowered Lindsay from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $95.00.
Lindsay Corporation (NYSE:LNN) traded down $0.61 during trading hours on Thursday, reaching $92.81. The company had a trading volume of 78,800 shares, compared to its average volume of 81,453. Lindsay Corporation has a twelve month low of $72.85 and a twelve month high of $96.22. The firm has a market cap of $999.32, a price-to-earnings ratio of 43.25, a P/E/G ratio of 2.11 and a beta of 0.50. The company has a quick ratio of 2.25, a current ratio of 3.18 and a debt-to-equity ratio of 0.43.
Lindsay (NYSE:LNN) last released its quarterly earnings data on Thursday, October 12th. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.18. Lindsay had a return on equity of 8.95% and a net margin of 4.47%. The business had revenue of $131.94 million during the quarter, compared to analyst estimates of $134.83 million. sell-side analysts forecast that Lindsay Corporation will post 2.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Thursday, November 16th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.29%. Lindsay’s dividend payout ratio is currently 55.56%.
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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