State Street Corp Cuts Stock Holdings in Lindsay Co. (NYSE:LNN)

State Street Corp reduced its stake in Lindsay Co. (NYSE:LNN) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 449,701 shares of the industrial products company’s stock after selling 787 shares during the period. State Street Corp owned approximately 4.14% of Lindsay worth $56,051,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Quadrature Capital Ltd lifted its position in shares of Lindsay by 6.8% in the third quarter. Quadrature Capital Ltd now owns 3,140 shares of the industrial products company’s stock worth $392,000 after buying an additional 200 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Lindsay by 46.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 74,950 shares of the industrial products company’s stock worth $9,342,000 after acquiring an additional 23,710 shares in the last quarter. Atom Investors LP bought a new position in shares of Lindsay during the 3rd quarter valued at approximately $731,000. Verition Fund Management LLC grew its holdings in shares of Lindsay by 21.1% in the third quarter. Verition Fund Management LLC now owns 4,333 shares of the industrial products company’s stock valued at $540,000 after purchasing an additional 754 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Lindsay by 29.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,134 shares of the industrial products company’s stock worth $3,881,000 after purchasing an additional 7,101 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Lindsay Price Performance

LNN stock opened at $122.51 on Thursday. Lindsay Co. has a 52 week low of $109.27 and a 52 week high of $135.20. The firm has a market capitalization of $1.33 billion, a P/E ratio of 20.35 and a beta of 0.64. The company has a fifty day simple moving average of $125.12 and a two-hundred day simple moving average of $121.37. The company has a quick ratio of 2.69, a current ratio of 3.92 and a debt-to-equity ratio of 0.24.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $1.17 EPS for the quarter, topping the consensus estimate of $1.01 by $0.16. Lindsay had a return on equity of 12.86% and a net margin of 10.91%. The company had revenue of $155.00 million during the quarter, compared to analyst estimates of $145.37 million. During the same quarter last year, the business posted $1.74 earnings per share. The firm’s revenue was down 7.2% on a year-over-year basis. Analysts anticipate that Lindsay Co. will post 5.64 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.18%. Lindsay’s dividend payout ratio is presently 23.92%.

About Lindsay

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.