Citigroup Inc. Reduces Position in Lindsay Co. (NYSE:LNN)

Citigroup Inc. decreased its holdings in Lindsay Co. (NYSE:LNN) by 3.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,484 shares of the industrial products company’s stock after selling 734 shares during the quarter. Citigroup Inc. owned 0.21% of Lindsay worth $3,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Lindsay by 3.3% during 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 last quarter. Amalgamated Bank raised its stake in Lindsay by 1.6% during the 4th quarter. Amalgamated Bank now owns 5,411 shares of the industrial products company’s stock valued at $881,000 after buying an additional 85 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Lindsay by 2.9% during the 1st quarter. Arizona State Retirement System now owns 3,189 shares of the industrial products company’s stock valued at $482,000 after buying an additional 91 shares during the period. Royal Bank of Canada boosted its stake in shares of Lindsay by 23.6% in the 3rd quarter. Royal Bank of Canada now owns 514 shares of the industrial products company’s stock worth $74,000 after buying an additional 98 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. grew its holdings in shares of Lindsay by 3.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,435 shares of the industrial products company’s stock worth $559,000 after acquiring an additional 111 shares during the period. Institutional investors own 86.28% of the company’s stock.

Lindsay Stock Up 2.2 %

LNN stock opened at $126.81 on Monday. The business’s 50-day moving average price is $125.16 and its 200-day moving average price is $130.27. The stock has a market cap of $1.40 billion, a P/E ratio of 19.72, a PEG ratio of 1.10 and a beta of 0.62. The company has a quick ratio of 2.44, a current ratio of 3.69 and a debt-to-equity ratio of 0.26. Lindsay Co. has a twelve month low of $110.43 and a twelve month high of $183.08.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, June 29th. The industrial products company reported $1.53 earnings per share for the quarter, missing the consensus estimate of $2.14 by ($0.61). The firm had revenue of $164.60 million for the quarter, compared to analysts’ expectations of $206.34 million. Lindsay had a net margin of 10.20% and a return on equity of 17.16%. Lindsay’s revenue for the quarter was down 23.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.28 EPS. On average, equities research analysts forecast that Lindsay Co. will post 5.95 EPS for the current year.

Lindsay Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, August 16th. This is a boost from Lindsay’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a yield of 1.10%. Lindsay’s dividend payout ratio (DPR) is currently 21.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. StockNews.com began coverage on Lindsay in a research note on Thursday, August 17th. They set a “hold” rating for the company. 22nd Century Group restated a “maintains” rating on shares of Lindsay in a research report on Friday, June 30th. Stifel Nicolaus decreased their price target on shares of Lindsay from $166.00 to $146.00 and set a “buy” rating on the stock in a research report on Friday, June 30th. Finally, Roth Mkm cut their price objective on shares of Lindsay from $143.00 to $128.00 and set a “neutral” rating for the company in a research report on Friday, June 30th.

Insider Activity

In related news, insider James Scott Marion sold 413 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $132.22, for a total transaction of $54,606.86. Following the completion of the sale, the insider now owns 5,885 shares in the company, valued at $778,114.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

Lindsay Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company 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.