Jennison Associates LLC Reduces Stock Position in Lindsay Corporation $LNN

Jennison Associates LLC cut its holdings in Lindsay Corporation (NYSE:LNN) by 37.9% during the 1st quarter, Holdings Channel reports. The firm owned 183,680 shares of the industrial products company’s stock after selling 112,337 shares during the period. Jennison Associates LLC’s holdings in Lindsay were worth $21,871,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. John G Ullman & Associates Inc. increased its holdings in Lindsay by 7.4% during the 1st quarter. John G Ullman & Associates Inc. now owns 88,410 shares of the industrial products company’s stock valued at $10,527,000 after purchasing an additional 6,110 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in Lindsay by 6.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 5,912 shares of the industrial products company’s stock worth $704,000 after buying an additional 354 shares during the period. Fifth Third Bancorp grew its position in shares of Lindsay by 7,462.2% in the 1st quarter. Fifth Third Bancorp now owns 2,798 shares of the industrial products company’s stock worth $333,000 after buying an additional 2,761 shares during the last quarter. MQS Management LLC bought a new stake in shares of Lindsay in the 1st quarter worth approximately $379,000. Finally, Inspire Investing LLC increased its stake in shares of Lindsay by 9.4% during the first quarter. Inspire Investing LLC now owns 4,394 shares of the industrial products company’s stock valued at $523,000 after buying an additional 379 shares during the period. 89.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on LNN shares. Zacks Research upgraded Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Stifel Nicolaus cut their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Finally, Weiss Ratings downgraded shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $113.00.

Lindsay Stock Performance

Shares of LNN opened at $113.00 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00. The company has a 50-day simple moving average of $114.37 and a two-hundred day simple moving average of $119.03. The firm has a market capitalization of $1.15 billion, a PE ratio of 21.69 and a beta of 0.69.

Lindsay (NYSE:LNN) last announced its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.39. The firm had revenue of $160.76 million during the quarter, compared to analyst estimates of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The business’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.78 EPS. On average, analysts anticipate that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, August 17th. Lindsay’s dividend payout ratio is currently 28.41%.

Lindsay Profile

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.