Royce & Associates LP Cuts Stake in Lindsay Corporation $LNN

Royce & Associates LP cut its stake in Lindsay Corporation (NYSE:LNN) by 12.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 261,527 shares of the industrial products company’s stock after selling 36,343 shares during the quarter. Royce & Associates LP’s holdings in Lindsay were worth $30,826,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in LNN. Advisory Services Network LLC purchased a new position in Lindsay in the third quarter valued at about $30,000. Copeland Capital Management LLC purchased a new position in Lindsay in the fourth quarter valued at about $62,000. Russell Investments Group Ltd. grew its stake in shares of Lindsay by 2,226.8% during the third quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 913 shares in the last quarter. State of Wyoming grew its stake in shares of Lindsay by 196.4% during the second quarter. State of Wyoming now owns 1,227 shares of the industrial products company’s stock valued at $177,000 after acquiring an additional 813 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Lindsay by 23.9% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,363 shares of the industrial products company’s stock valued at $192,000 after acquiring an additional 263 shares in the last quarter. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Stifel Nicolaus lowered their target price on Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a research note on Monday, April 6th. Weiss Ratings downgraded Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Finally, Zacks Research downgraded Lindsay from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 7th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $113.00.

Lindsay Stock Up 0.1%

Shares of Lindsay stock opened at $109.34 on Tuesday. The business has a 50-day moving average of $111.39 and a 200-day moving average of $119.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.02 and a quick ratio of 2.15. The company has a market capitalization of $1.14 billion, a PE ratio of 20.03 and a beta of 0.73. Lindsay Corporation has a 1-year low of $97.27 and a 1-year high of $150.96.

Lindsay (NYSE:LNN) last announced its earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.45). The business had revenue of $157.72 million for the quarter, compared to analyst estimates of $163.52 million. Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The firm’s revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.44 earnings per share. As a group, equities analysts forecast that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, May 15th. This represents a $1.48 annualized dividend and a yield of 1.4%. Lindsay’s dividend payout ratio is presently 27.11%.

About Lindsay

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral?move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.