New York State Common Retirement Fund Cuts Stake in Lindsay Co. (NYSE:LNN)

New York State Common Retirement Fund reduced its holdings in shares of Lindsay Co. (NYSE:LNN) by 20.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,870 shares of the industrial products company’s stock after selling 2,019 shares during the period. New York State Common Retirement Fund owned about 0.07% of Lindsay worth $1,195,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SG Americas Securities LLC increased its stake in Lindsay by 1.7% during the 3rd quarter. SG Americas Securities LLC now owns 36,854 shares of the industrial products company’s stock worth $5,594,000 after buying an additional 624 shares during the period. Maryland State Retirement & Pension System purchased a new stake in Lindsay during the 3rd quarter worth approximately $675,000. WINTON GROUP Ltd increased its stake in Lindsay by 9.9% during the 3rd quarter. WINTON GROUP Ltd now owns 3,636 shares of the industrial products company’s stock worth $552,000 after buying an additional 329 shares during the period. Davy Global Fund Management Ltd increased its stake in Lindsay by 26.7% during the 3rd quarter. Davy Global Fund Management Ltd now owns 40,462 shares of the industrial products company’s stock worth $6,142,000 after buying an additional 8,537 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its stake in Lindsay by 5.1% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 16,156 shares of the industrial products company’s stock worth $2,452,000 after buying an additional 783 shares during the period. 87.14% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:LNN opened at $140.14 on Friday. The stock has a market cap of $1.54 billion, a P/E ratio of 35.57 and a beta of 0.34. The firm has a fifty day moving average price of $150.81 and a 200 day moving average price of $156.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.88 and a quick ratio of 1.71. Lindsay Co. has a 1-year low of $133.48 and a 1-year high of $179.26.

Lindsay (NYSE:LNN) last released its earnings results on Thursday, January 6th. The industrial products company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.16). Lindsay had a return on equity of 15.69% and a net margin of 6.94%. The firm had revenue of $166.20 million during the quarter, compared to analyst estimates of $140.41 million. During the same quarter last year, the business posted $0.49 EPS. The firm’s revenue was up 53.2% on a year-over-year basis. Sell-side analysts expect that Lindsay Co. will post 4.94 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, February 28th. Stockholders of record on Monday, February 14th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Friday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.94%. Lindsay’s dividend payout ratio is presently 33.50%.

In other Lindsay news, Director Michael Nahl sold 800 shares of the firm’s stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $162.82, for a total transaction of $130,256.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.91% of the company’s stock.

Several brokerages recently weighed in on LNN. Stifel Nicolaus raised shares of Lindsay from a “hold” rating to a “buy” rating and set a $178.00 target price on the stock in a research note on Friday, October 22nd. Zacks Investment Research downgraded shares of Lindsay from a “hold” rating to a “strong sell” rating and set a $124.00 price objective on the stock. in a research report on Monday, October 25th.

Lindsay Company Profile

Lindsay Corp. provides proprietary water management and road infrastructure products and services. It operates its business through the following segments: Irrigation and Infrastructure. The Irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, wireless irrigation management, M2M communication technology, and smartphone applications.

Further Reading: Cost of Debt

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Institutional Ownership by Quarter for Lindsay (NYSE:LNN)

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