Bank of New York Mellon Corp Sells 60,087 Shares of Lindsay Co. (NYSE:LNN)

Bank of New York Mellon Corp trimmed its position in shares of Lindsay Co. (NYSE:LNN) by 37.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,312 shares of the industrial products company’s stock after selling 60,087 shares during the period. Bank of New York Mellon Corp owned approximately 0.91% of Lindsay worth $11,750,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. US Bancorp DE grew its stake in shares of Lindsay by 45.9% in the third quarter. US Bancorp DE now owns 267 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 84 shares during the last quarter. GAMMA Investing LLC grew its position in Lindsay by 90.3% in the 4th quarter. GAMMA Investing LLC now owns 276 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 131 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Lindsay by 10.3% during the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company’s stock worth $109,000 after purchasing an additional 86 shares during the period. Van ECK Associates Corp raised its position in shares of Lindsay by 73.1% during the fourth quarter. Van ECK Associates Corp now owns 1,475 shares of the industrial products company’s stock valued at $175,000 after buying an additional 623 shares during the last quarter. Finally, Quadrature Capital Ltd raised its position in shares of Lindsay by 6.8% during the third quarter. Quadrature Capital Ltd now owns 3,140 shares of the industrial products company’s stock valued at $392,000 after buying an additional 200 shares during the last quarter. 89.94% of the stock is owned by institutional investors and hedge funds.

Lindsay Price Performance

NYSE:LNN opened at $127.46 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.65 and a current ratio of 3.87. The company has a 50-day moving average of $130.87 and a 200-day moving average of $126.04. Lindsay Co. has a 52 week low of $109.27 and a 52 week high of $140.27. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 20.46 and a beta of 0.70.

Lindsay (NYSE:LNN) last announced its quarterly earnings results on Tuesday, January 7th. The industrial products company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.18. The firm had revenue of $166.30 million during the quarter, compared to analysts’ expectations of $169.78 million. Lindsay had a net margin of 11.18% and a return on equity of 13.17%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.36 earnings per share. As a group, equities research analysts anticipate that Lindsay Co. will post 5.82 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.13%. The ex-dividend date was Friday, February 14th. Lindsay’s dividend payout ratio is 23.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. StockNews.com lowered Lindsay from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Stifel Nicolaus lifted their price objective on Lindsay from $126.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, January 8th.

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.