First Trust Advisors LP Decreases Stake in Lindsay Corporation $LNN

First Trust Advisors LP cut its stake in shares of Lindsay Corporation (NYSE:LNN) by 88.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,672 shares of the industrial products company’s stock after selling 174,451 shares during the quarter. First Trust Advisors LP’s holdings in Lindsay were worth $2,700,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its stake in shares of Lindsay by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company’s stock valued at $363,000 after purchasing an additional 120 shares during the period. Dimensional Fund Advisors LP grew its position 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 buying an additional 6,748 shares during the period. Parallel Advisors LLC grew its position in 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 buying an additional 311 shares during the period. KBC Group NV increased its holdings in Lindsay by 15.0% in the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company’s stock valued at $32,017,000 after buying an additional 35,061 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its holdings in Lindsay by 7.4% in the first quarter. John G Ullman & Associates Inc. now owns 88,410 shares of the industrial products company’s stock valued at $10,527,000 after buying an additional 6,110 shares in the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Lindsay Stock Up 1.3%

Shares of NYSE:LNN opened at $116.19 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.93 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.18 billion, a P/E ratio of 22.30 and a beta of 0.70. Lindsay Corporation has a 52-week low of $97.27 and a 52-week high of $148.00. The stock’s fifty day simple moving average is $115.85 and its 200-day simple moving average is $118.18.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The firm 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 firm’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts forecast that Lindsay Corporation will post 5.19 earnings per share for the current fiscal year.

Lindsay Increases Dividend

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

Analyst Ratings Changes

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

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.