Corton Capital Inc. Buys New Position in Lindsay Corporation $LNN

Corton Capital Inc. bought a new stake in shares of Lindsay Corporation (NYSE:LNN) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,960 shares of the industrial products company’s stock, valued at approximately $283,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Lindsay by 55.8% during the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 154 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Lindsay by 2.6% during the first quarter. Principal Financial Group Inc. now owns 55,251 shares of the industrial products company’s stock valued at $6,990,000 after acquiring an additional 1,423 shares in the last quarter. Mutual of America Capital Management LLC bought a new position in shares of Lindsay during the first quarter valued at $200,000. Victory Capital Management Inc. increased its holdings in shares of Lindsay by 0.7% during the first quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company’s stock valued at $1,365,000 after acquiring an additional 76 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Lindsay by 404.3% in the 1st quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company’s stock worth $27,439,000 after buying an additional 173,872 shares in the last quarter. Institutional investors own 89.94% of the company’s stock.

Lindsay Trading Up 1.0%

Shares of Lindsay stock opened at $111.25 on Monday. The company has a market capitalization of $1.20 billion, a P/E ratio of 16.41 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.76 and a current ratio of 3.71. The company has a fifty day moving average of $134.03 and a 200 day moving average of $135.99. Lindsay Corporation has a fifty-two week low of $108.70 and a fifty-two week high of $150.96.

Lindsay (NYSE:LNN) last posted its quarterly earnings results on Thursday, October 23rd. The industrial products company reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.05). Lindsay had a return on equity of 14.33% and a net margin of 10.95%.The business had revenue of $153.56 million during the quarter, compared to analysts’ expectations of $156.91 million. During the same period in the prior year, the firm posted $1.17 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. On average, sell-side analysts anticipate that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.48 dividend on an annualized basis and a yield of 1.3%. Lindsay’s payout ratio is presently 21.83%.

Insider Transactions at Lindsay

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of Lindsay stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the sale, the director owned 3,274 shares of the company’s stock, valued at $465,169.92. The trade was a 36.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on LNN shares. Wall Street Zen downgraded Lindsay from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lindsay in a report on Friday. Finally, Stifel Nicolaus set a $122.00 price objective on Lindsay in a report on Friday, October 24th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $122.00.

Lindsay Company Profile

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.