Jennison Associates LLC Cuts Position in Lindsay Corporation $LNN

Jennison Associates LLC lessened its position in Lindsay Corporation (NYSE:LNN) by 37.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,680 shares of the industrial products company’s stock after selling 112,337 shares during the quarter. Jennison Associates LLC owned 1.77% of Lindsay worth $21,871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in LNN. AQR Capital Management LLC boosted its holdings in shares of Lindsay by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company’s stock worth $1,018,000 after purchasing an additional 984 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Lindsay by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock valued at $817,000 after buying an additional 289 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lindsay by 13.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company’s stock valued at $6,144,000 after buying an additional 5,749 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Lindsay by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 39,056 shares of the industrial products company’s stock worth $4,941,000 after buying an additional 2,811 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Lindsay by 134.4% in the 1st quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company’s stock worth $4,899,000 after buying an additional 22,204 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Lindsay Trading Down 2.2%

NYSE LNN opened at $113.00 on Tuesday. The firm has a market cap of $1.15 billion, a PE ratio of 21.69 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 stock has a 50-day moving average of $114.37 and a 200-day moving average of $119.03. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23.

Lindsay (NYSE:LNN) last posted its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $157.80 million. During the same period last year, the company earned $1.78 EPS. Lindsay’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a $0.38 dividend. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, August 17th. Lindsay’s dividend payout ratio (DPR) is 28.41%.

Analyst Ratings Changes

A number of brokerages have commented on LNN. Stifel Nicolaus reduced their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, Weiss Ratings cut shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $113.00.

About Lindsay

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.