New York State Teachers Retirement System Sells 4,947 Shares of Lindsay Corporation $LNN

New York State Teachers Retirement System decreased its holdings in Lindsay Corporation (NYSE:LNN) by 29.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 12,115 shares of the industrial products company’s stock after selling 4,947 shares during the period. New York State Teachers Retirement System’s holdings in Lindsay were worth $1,443,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Pacer Advisors Inc. lifted its stake in Lindsay by 2,694.6% during the fourth quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company’s stock worth $3,498,000 after purchasing an additional 28,617 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Lindsay by 312.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 9,806 shares of the industrial products company’s stock valued at $1,156,000 after purchasing an additional 7,427 shares in the last quarter. WINTON GROUP Ltd grew its stake in shares of Lindsay by 1,488.1% in the 4th quarter. WINTON GROUP Ltd now owns 32,017 shares of the industrial products company’s stock valued at $3,774,000 after purchasing an additional 30,001 shares during the period. Nuance Investments LLC raised its holdings in shares of Lindsay by 293.5% in the 4th quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock worth $21,048,000 after buying an additional 133,190 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new position in shares of Lindsay in the 4th quarter worth approximately $1,767,000. 89.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Lindsay Price Performance

Shares of NYSE LNN traded up $2.46 during mid-day trading on Friday, hitting $113.64. 152,452 shares of the stock were exchanged, compared to its average volume of 187,321. Lindsay Corporation has a twelve month low of $97.27 and a twelve month high of $148.00. The stock’s fifty day simple moving average is $113.83 and its two-hundred day simple moving average is $119.16. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The company has a market cap of $1.16 billion, a P/E ratio of 21.81 and a beta of 0.69.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company earned $1.78 EPS. Lindsay’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, analysts forecast that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a $0.38 dividend. This is an increase from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Monday, August 17th. Lindsay’s payout ratio is presently 28.41%.

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.