Bank of New York Mellon Corp Has $13.57 Million Stock Position in Lindsay Corporation $LNN

Bank of New York Mellon Corp cut its position in Lindsay Corporation (NYSE:LNN) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,042 shares of the industrial products company’s stock after selling 1,444 shares during the period. Bank of New York Mellon Corp owned 0.87% of Lindsay worth $13,566,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC bought a new position in Lindsay in the first quarter worth approximately $200,000. Victory Capital Management Inc. lifted its holdings in shares of Lindsay by 0.7% in the 1st quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company’s stock worth $1,365,000 after purchasing an additional 76 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Lindsay in the 1st quarter valued at $324,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Lindsay by 82.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,626 shares of the industrial products company’s stock valued at $5,393,000 after purchasing an additional 19,233 shares during the period. Finally, Banque Cantonale Vaudoise bought a new stake in Lindsay during the 1st quarter valued at $31,000. 89.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LNN. Wall Street Zen lowered shares of Lindsay from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Stifel Nicolaus set a $122.00 price target on shares of Lindsay in a research report on Friday, October 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Lindsay in a research note on Friday, October 31st. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Lindsay currently has an average rating of “Hold” and a consensus target price of $122.00.

Lindsay Stock Up 1.1%

LNN opened at $107.78 on Wednesday. Lindsay Corporation has a fifty-two week low of $106.10 and a fifty-two week high of $150.96. The firm has a market capitalization of $1.16 billion, a P/E ratio of 15.90 and a beta of 0.85. The company’s 50-day moving average is $127.43 and its 200 day moving average is $134.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.71 and a quick ratio of 2.76.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, October 23rd. The industrial products company reported $0.99 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.05). Lindsay had a net margin of 10.95% and a return on equity of 14.33%. The firm had revenue of $153.56 million during the quarter, compared to analysts’ expectations of $156.91 million. During the same quarter last year, the business posted $1.17 EPS. The company’s quarterly revenue was down .9% on a year-over-year basis. Research analysts expect that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, November 14th. Lindsay’s dividend payout ratio (DPR) is 21.83%.

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.