Rhumbline Advisers Reduces Holdings in Lindsay Co. (NYSE:LNN)

Rhumbline Advisers trimmed its holdings in shares of Lindsay Co. (NYSE:LNN) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,278 shares of the industrial products company’s stock after selling 1,325 shares during the period. Rhumbline Advisers owned about 0.30% of Lindsay worth $4,084,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. AlphaQuest LLC purchased a new stake in Lindsay in the 4th quarter worth approximately $32,000. Global Retirement Partners LLC grew its stake in Lindsay by 10.3% in the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company’s stock worth $109,000 after acquiring an additional 86 shares during the period. Van ECK Associates Corp grew its stake in Lindsay by 73.1% in the 4th quarter. Van ECK Associates Corp now owns 1,475 shares of the industrial products company’s stock worth $175,000 after acquiring an additional 623 shares during the period. Tower Research Capital LLC TRC grew its stake in Lindsay by 729.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company’s stock worth $202,000 after acquiring an additional 1,503 shares during the period. Finally, Gitterman Wealth Management LLC grew its stake in Lindsay by 6.1% in the 4th quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company’s stock worth $207,000 after acquiring an additional 101 shares during the period. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LNN has been the subject of several recent analyst reports. Wall Street Zen raised shares of Lindsay from a “hold” rating to a “buy” rating in a research note on Friday, April 11th. Stifel Nicolaus lowered their target price on shares of Lindsay from $134.00 to $128.00 and set a “hold” rating for the company in a research note on Wednesday, April 16th.

Lindsay Stock Down 1.5%

Shares of LNN opened at $134.22 on Friday. The firm has a market cap of $1.46 billion, a PE ratio of 21.54 and a beta of 0.82. The company’s fifty day moving average is $133.19 and its two-hundred day moving average is $130.39. Lindsay Co. has a fifty-two week low of $109.27 and a fifty-two week high of $144.08. The company has a quick ratio of 2.65, a current ratio of 3.87 and a debt-to-equity ratio of 0.24.

Lindsay (NYSE:LNN) last announced its quarterly earnings results on Thursday, April 3rd. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.55. The company had revenue of $187.10 million for the quarter, compared to analyst estimates of $174.50 million. Lindsay had a net margin of 11.18% and a return on equity of 13.17%. Lindsay’s revenue for the quarter was up 23.5% on a year-over-year basis. During the same quarter last year, the business earned $1.64 EPS. Analysts forecast that Lindsay Co. will post 5.82 earnings per share for the current year.

Lindsay Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a $0.36 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.07%. Lindsay’s dividend payout ratio (DPR) is presently 20.48%.

About Lindsay

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.