Allspring Global Investments Holdings LLC Sells 591 Shares of Lindsay Co. (NYSE:LNN)

Allspring Global Investments Holdings LLC cut its holdings in Lindsay Co. (NYSE:LNN) by 60.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 390 shares of the industrial products company’s stock after selling 591 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lindsay were worth $47,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Annex Advisory Services LLC boosted its holdings in Lindsay by 54.2% during the second quarter. Annex Advisory Services LLC now owns 4,340 shares of the industrial products company’s stock valued at $518,000 after acquiring an additional 1,525 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Lindsay by 94.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 834 shares of the industrial products company’s stock valued at $100,000 after acquiring an additional 404 shares during the period. Exchange Traded Concepts LLC bought a new stake in Lindsay during the second quarter valued at about $278,000. Louisiana State Employees Retirement System boosted its holdings in Lindsay by 13.7% during the second quarter. Louisiana State Employees Retirement System now owns 5,800 shares of the industrial products company’s stock valued at $692,000 after acquiring an additional 700 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Lindsay during the second quarter valued at about $212,000. 86.28% of the stock is currently owned by institutional investors.

Lindsay Stock Performance

NYSE:LNN opened at $126.90 on Friday. Lindsay Co. has a 12-month low of $106.46 and a 12-month high of $183.08. The company has a quick ratio of 2.44, a current ratio of 3.58 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $1.40 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 1.95 and a beta of 0.62. The firm has a 50-day moving average price of $119.90 and a 200 day moving average price of $122.52.

Lindsay (NYSE:LNN) last posted its quarterly earnings results on Thursday, October 19th. The industrial products company reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.63. Lindsay had a net margin of 10.74% and a return on equity of 16.84%. The firm had revenue of $167.10 million during the quarter, compared to analyst estimates of $157.82 million. During the same quarter in the prior year, the business posted $1.62 earnings per share. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. Research analysts anticipate that Lindsay Co. will post 6.42 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.10%. The ex-dividend date is Wednesday, November 15th. Lindsay’s dividend payout ratio (DPR) is presently 21.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LNN shares. Roth Mkm upgraded shares of Lindsay from a “neutral” rating to a “buy” rating and upped their price target for the company from $128.00 to $150.00 in a report on Monday, October 23rd. Stifel Nicolaus lowered shares of Lindsay from a “buy” rating to a “hold” rating and cut their price objective for the company from $146.00 to $135.00 in a research report on Friday, September 15th. StockNews.com raised shares of Lindsay from a “hold” rating to a “buy” rating in a research report on Friday, October 20th. Finally, Roth Capital raised shares of Lindsay from a “neutral” rating to a “buy” rating in a research report on Monday, October 23rd. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.50.

Lindsay Company Profile

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