Comerica Bank Has $502,000 Stake in Lindsay Corporation $LNN

Comerica Bank trimmed its holdings in shares of Lindsay Corporation (NYSE:LNN) by 7.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,972 shares of the industrial products company’s stock after selling 303 shares during the quarter. Comerica Bank’s holdings in Lindsay were worth $502,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new stake in shares of Lindsay in the first quarter valued at about $31,000. GAMMA Investing LLC lifted its position in shares of Lindsay by 55.8% during the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 154 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Lindsay during the 1st quarter worth about $200,000. XTX Topco Ltd acquired a new position in shares of Lindsay during the 1st quarter worth about $221,000. Finally, Hsbc Holdings PLC lifted its position in shares of Lindsay by 12.8% during the 4th quarter. Hsbc Holdings PLC now owns 1,891 shares of the industrial products company’s stock worth $225,000 after purchasing an additional 214 shares during the last quarter. 89.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus boosted their price objective on Lindsay from $128.00 to $136.00 and gave the stock a “hold” rating in a research report on Friday, June 27th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $136.00.

Lindsay Stock Up 1.4%

LNN stock opened at $140.48 on Monday. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. The company has a market cap of $1.53 billion, a PE ratio of 20.18 and a beta of 0.82. The business’s 50-day simple moving average is $139.23 and its 200 day simple moving average is $134.57. The company has a quick ratio of 2.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.22.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.1%. This is a boost from Lindsay’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, August 15th. Lindsay’s dividend payout ratio (DPR) is 21.26%.

Insider Transactions at Lindsay

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total transaction of $596,210.91. Following the completion of the transaction, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. This trade represents a 29.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert E. Brunner sold 1,856 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total transaction of $263,700.48. Following the transaction, the director owned 3,274 shares of the company’s stock, valued at approximately $465,169.92. This represents a 36.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,187 shares of company stock worth $1,049,162. 1.70% of the stock is owned by company insiders.

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.