Hsbc Holdings PLC Purchases New Stake in Lindsay Corporation $LNN

Hsbc Holdings PLC purchased a new stake in Lindsay Corporation (NYSE:LNN) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 6,557 shares of the industrial products company’s stock, valued at approximately $778,000.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in shares of Lindsay by 2,694.6% in the 4th quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company’s stock worth $3,498,000 after purchasing an additional 28,617 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Lindsay by 312.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 9,806 shares of the industrial products company’s stock valued at $1,156,000 after purchasing an additional 7,427 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in shares of Lindsay during the fourth quarter worth about $1,767,000. Nuance Investments LLC lifted its position in shares of Lindsay by 293.5% during the fourth quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock worth $21,048,000 after purchasing an additional 133,190 shares during the last quarter. Finally, WINTON GROUP Ltd grew its stake in Lindsay by 1,488.1% in the fourth quarter. WINTON GROUP Ltd now owns 32,017 shares of the industrial products company’s stock worth $3,774,000 after purchasing an additional 30,001 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors.

Lindsay Stock Up 0.7%

Shares of NYSE:LNN opened at $115.74 on Wednesday. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 22.22 and a beta of 0.69. Lindsay Corporation has a 1-year low of $97.27 and a 1-year high of $148.00. The company’s fifty day moving average is $114.01 and its two-hundred day moving average is $119.11. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93.

Lindsay (NYSE:LNN) last posted its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.14 by $0.39. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The business had revenue of $160.76 million during the quarter, compared to analyst estimates of $157.80 million. During the same period in the previous year, the business posted $1.78 EPS. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Equities analysts anticipate that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The firm also recently announced 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 is an increase from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Monday, August 17th. Lindsay’s dividend payout ratio is 28.41%.

Analysts Set New Price Targets

LNN has been the subject of several research analyst reports. Stifel Nicolaus lowered their price objective on Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a report on Monday, April 6th. Weiss Ratings downgraded Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Finally, Zacks Research upgraded Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay has a consensus rating of “Hold” and a consensus target price of $113.00.

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.