Norges Bank Takes $10.75 Million Position in Lindsay Co. (NYSE:LNN)

Norges Bank purchased a new position in shares of Lindsay Co. (NYSE:LNNFree Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 83,235 shares of the industrial products company’s stock, valued at approximately $10,751,000. Norges Bank owned 0.75% of Lindsay as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of LNN. McGlone Suttner Wealth Management Inc. bought a new stake in Lindsay in the 4th quarter valued at about $28,000. CWM LLC boosted its holdings in Lindsay by 129.6% in the 4th quarter. CWM LLC now owns 489 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 276 shares during the period. Windmill Hill Asset Management Ltd bought a new stake in Lindsay in the 4th quarter valued at about $208,000. Hsbc Holdings PLC bought a new stake in Lindsay in the 3rd quarter valued at about $215,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Lindsay by 8.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,528 shares of the industrial products company’s stock valued at $327,000 after purchasing an additional 196 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.

Analyst Ratings Changes

LNN has been the subject of a number of recent research reports. StockNews.com downgraded shares of Lindsay from a “buy” rating to a “hold” rating in a report on Friday, April 12th. TheStreet downgraded shares of Lindsay from a “b-” rating to a “c+” rating in a report on Tuesday, March 5th. Finally, Northcoast Research raised shares of Lindsay from a “neutral” rating to a “buy” rating and set a $142.00 price target for the company in a report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $138.33.

Read Our Latest Report on LNN

Lindsay Stock Performance

Shares of Lindsay stock opened at $114.16 on Wednesday. The company has a 50 day moving average of $116.48 and a 200-day moving average of $121.94. Lindsay Co. has a 1-year low of $106.46 and a 1-year high of $137.31. The company has a current ratio of 3.87, a quick ratio of 2.58 and a debt-to-equity ratio of 0.24. The company has a market cap of $1.26 billion, a PE ratio of 18.21 and a beta of 0.61.

Lindsay (NYSE:LNNGet Free Report) last issued its quarterly earnings results on Thursday, April 4th. The industrial products company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.12. The company had revenue of $151.50 million during the quarter, compared to the consensus estimate of $172.06 million. Lindsay had a net margin of 10.74% and a return on equity of 15.04%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 EPS. As a group, equities research analysts forecast that Lindsay Co. will post 5.3 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, May 16th. Lindsay’s payout ratio is 22.33%.

Lindsay Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Lindsay (NYSE:LNN)

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