Renaissance Technologies LLC Lowers Stake in Lindsay Corporation $LNN

Renaissance Technologies LLC lessened its stake in Lindsay Corporation (NYSE:LNN) by 80.7% in the 1st quarter, Holdings Channel reports. The firm owned 3,100 shares of the industrial products company’s stock after selling 13,000 shares during the period. Renaissance Technologies LLC’s holdings in Lindsay were worth $369,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its stake in Lindsay by 2.1% during the first quarter. Public Employees Retirement System of Ohio now owns 11,600 shares of the industrial products company’s stock worth $1,381,000 after purchasing an additional 243 shares in the last quarter. Sei Investments Co. grew its position in Lindsay by 161.9% in the 1st quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock valued at $2,018,000 after acquiring an additional 10,477 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Lindsay by 4.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company’s stock worth $363,000 after purchasing an additional 120 shares during the period. Dimensional Fund Advisors LP increased its stake in Lindsay by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company’s stock worth $41,953,000 after purchasing an additional 6,748 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of Lindsay by 1,295.8% during the first quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on LNN. Weiss Ratings lowered shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $113.00.

Lindsay Price Performance

Shares of NYSE LNN opened at $112.13 on Wednesday. The stock’s 50-day moving average is $116.06 and its two-hundred day moving average is $117.64. 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 1-year low of $97.27 and a 1-year high of $148.00. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 21.52 and a beta of 0.70.

Lindsay (NYSE:LNN) last announced its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.39. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The business had revenue of $160.76 million during the quarter, compared to analysts’ expectations of $157.80 million. During the same quarter last year, the business posted $1.78 EPS. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts forecast that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid 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 1.4%. The ex-dividend date is Monday, August 17th. Lindsay’s payout ratio is presently 28.41%.

Lindsay Company 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.