Bank of New York Mellon Corp Lowers Position in Lindsay Corporation (NYSE:LNN)

Bank of New York Mellon Corp decreased its holdings in shares of Lindsay Corporation (NYSE:LNN) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,486 shares of the industrial products company’s stock after selling 3,826 shares during the quarter. Bank of New York Mellon Corp owned about 0.88% of Lindsay worth $12,081,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Lightrock Netherlands B.V. grew its holdings in Lindsay by 28.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 123,415 shares of the industrial products company’s stock worth $15,640,000 after acquiring an additional 27,566 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Lindsay by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 55,251 shares of the industrial products company’s stock valued at $6,990,000 after buying an additional 1,423 shares in the last quarter. KBC Group NV boosted its holdings in shares of Lindsay by 1.4% in the 1st quarter. KBC Group NV now owns 353,238 shares of the industrial products company’s stock valued at $44,692,000 after buying an additional 4,724 shares in the last quarter. Cardinal Capital Management boosted its holdings in shares of Lindsay by 3.7% in the 1st quarter. Cardinal Capital Management now owns 16,755 shares of the industrial products company’s stock valued at $2,120,000 after buying an additional 596 shares in the last quarter. Finally, Union Bancaire Privee UBP SA boosted its holdings in shares of Lindsay by 4.7% in the 1st quarter. Union Bancaire Privee UBP SA now owns 5,918 shares of the industrial products company’s stock valued at $775,000 after buying an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Stifel Nicolaus increased their price objective on shares of Lindsay from $128.00 to $136.00 and gave the company a “hold” rating in a research report on Friday, June 27th. Wall Street Zen raised shares of Lindsay from a “hold” rating to a “buy” rating in a research note on Friday, April 11th.

Lindsay Stock Performance

Shares of Lindsay stock opened at $137.03 on Monday. The business has a 50-day simple moving average of $139.40 and a 200-day simple moving average of $132.92. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. The company has a market cap of $1.49 billion, a PE ratio of 19.69 and a beta of 0.82. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.36 by $0.42. The business had revenue of $169.46 million during the quarter, compared to analysts’ expectations of $157.87 million. Lindsay had a return on equity of 15.09% and a net margin of 11.21%. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.85 earnings per share. On average, equities research analysts forecast that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.08%. This is a positive change from Lindsay’s previous quarterly dividend of $0.36. Lindsay’s dividend payout ratio (DPR) is presently 20.69%.

Insider Transactions at Lindsay

In other news, CFO Brian L. Ketcham sold 3,999 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares in the company, valued at $1,434,394.89. This trade represents a 29.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

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.