Pier Capital LLC Boosts Stake in Lindsay Corporation $LNN

Pier Capital LLC lifted its stake in shares of Lindsay Corporation (NYSE:LNN) by 34.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,799 shares of the industrial products company’s stock after buying an additional 18,205 shares during the period. Lindsay comprises approximately 1.6% of Pier Capital LLC’s investment portfolio, making the stock its 7th biggest position. Pier Capital LLC owned approximately 0.66% of Lindsay worth $10,092,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. American Century Companies Inc. grew its position in Lindsay by 185.8% during the 2nd quarter. American Century Companies Inc. now owns 131,079 shares of the industrial products company’s stock worth $18,908,000 after acquiring an additional 85,212 shares during the last quarter. Amundi raised its position in Lindsay by 48.8% in the second quarter. Amundi now owns 210,043 shares of the industrial products company’s stock valued at $28,286,000 after purchasing an additional 68,863 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Lindsay during the second quarter valued at about $6,670,000. State Street Corp boosted its stake in shares of Lindsay by 5.6% during the second quarter. State Street Corp now owns 473,772 shares of the industrial products company’s stock valued at $68,342,000 after purchasing an additional 25,251 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Lindsay by 134.4% during the first quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company’s stock worth $4,899,000 after purchasing an additional 22,204 shares during the last quarter. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Trading Up 0.6%

NYSE LNN opened at $126.02 on Friday. The firm has a market capitalization of $1.32 billion, a PE ratio of 18.67 and a beta of 0.79. The business’s 50-day moving average price is $129.12 and its two-hundred day moving average price is $126.87. The company has a current ratio of 3.42, a quick ratio of 2.43 and a debt-to-equity ratio of 0.22. Lindsay Corporation has a 12 month low of $106.10 and a 12 month high of $150.96.

Lindsay (NYSE:LNN) last issued its quarterly earnings data on Thursday, January 8th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.08. Lindsay had a return on equity of 14.01% and a net margin of 11.02%.The company had revenue of $155.82 million during the quarter, compared to the consensus estimate of $166.81 million. During the same period last year, the company earned $1.57 earnings per share. The firm’s revenue was down 6.3% compared to the same quarter last year. On average, analysts expect that Lindsay Corporation will post 5.82 EPS for the current year.

Lindsay Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a $0.37 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.2%. Lindsay’s payout ratio is 21.93%.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus raised their price objective on shares of Lindsay from $122.00 to $128.00 and gave the company a “hold” rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Lindsay currently has an average rating of “Hold” and a consensus price target of $128.00.

Lindsay 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.