Principal Financial Group Inc. Cuts Stake in Lindsay Co. (NYSE:LNN)

Posted by Defense World Staff on May 26th, 2023

Principal Financial Group Inc. cut its stake in Lindsay Co. (NYSE:LNN – Get Rating) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,166 shares of the industrial products company’s stock after selling 451 shares during the quarter. Principal Financial Group Inc. owned about 0.63% of Lindsay worth $11,264,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its position in Lindsay by 3.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,149 shares of the industrial products company’s stock valued at $285,000 after purchasing an additional 69 shares during the period. Royal Bank of Canada grew its stake in shares of Lindsay by 23.6% during the third quarter. Royal Bank of Canada now owns 514 shares of the industrial products company’s stock valued at $74,000 after acquiring an additional 98 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Lindsay by 3.9% during the fourth quarter. Arizona State Retirement System now owns 3,098 shares of the industrial products company’s stock valued at $505,000 after acquiring an additional 115 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Lindsay by 0.9% during the third quarter. Advisors Asset Management Inc. now owns 13,069 shares of the industrial products company’s stock valued at $1,873,000 after acquiring an additional 117 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Lindsay by 1.2% during the second quarter. UBS Asset Management Americas Inc. now owns 11,362 shares of the industrial products company’s stock valued at $1,509,000 after acquiring an additional 136 shares in the last quarter. 84.79% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Up 0.8 %

NYSE:LNN opened at $119.02 on Friday. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 0.93 and a beta of 0.61. Lindsay Co. has a one year low of $116.16 and a one year high of $183.08. The stock has a 50-day simple moving average of $129.19 and a 200 day simple moving average of $149.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.27 and a current ratio of 3.62.

Lindsay (NYSE:LNN – Get Rating) last posted its quarterly earnings results on Tuesday, April 4th. The industrial products company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.20. The business had revenue of $166.20 million during the quarter, compared to the consensus estimate of $192.62 million. Lindsay had a return on equity of 19.80% and a net margin of 10.61%. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the firm earned $1.32 earnings per share. Sell-side analysts predict that Lindsay Co. will post 6.85 EPS for the current fiscal year.

Lindsay Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 17th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, May 16th. This represents a $1.36 dividend on an annualized basis and a yield of 1.14%. Lindsay’s payout ratio is currently 18.94%.

Analyst Ratings Changes

Several analysts have recently weighed in on LNN shares. Roth Mkm lowered their target price on Lindsay from $178.00 to $143.00 and set a “neutral” rating for the company in a research note on Wednesday, April 5th. StockNews.com started coverage on Lindsay in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, Stifel Nicolaus lowered their target price on Lindsay from $196.00 to $166.00 and set a “buy” rating for the company in a research note on Wednesday, April 5th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $154.75.

Lindsay Company Profile

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Lindsay Corp. engages in the manufacture and distribution of irrigation and infrastructure equipment and technology. It operates through the Irrigation and Infrastructure segments. The Irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications.