Amundi Sells 12,250 Shares of Lindsay Corporation $LNN

Key Points

• Amundi reduced its Lindsay Corporation stake by 4.5%, selling 12,250 shares in the first quarter while retaining 257,567 shares worth approximately $30.6 million. Institutional investors and hedge funds collectively own 89.94% of the company.
• Lindsay reported quarterly earnings of $1.53 per share, exceeding analyst expectations of $1.14, while revenue of $160.76 million also topped estimates. However, revenue declined 5.2% year over year.
• The company increased its quarterly dividend to $0.38 per share, representing a 1.3% yield. Analysts maintain a consensus “Hold” rating with a $113 price target, close to the stock’s reported $113.50 opening price.

Amundi decreased its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 4.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 257,567 shares of the industrial products company's stock after selling 12,250 shares during the period. Amundi owned about 2.48% of Lindsay worth $30,616,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its stake in shares of Lindsay by 4.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company's stock worth $363,000 after acquiring an additional 120 shares during the period. Sei Investments Co. increased its holdings in shares of Lindsay by 2.3% in the second quarter. Sei Investments Co. now owns 6,466 shares of the industrial products company's stock valued at $933,000 after purchasing an additional 145 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Lindsay by 8.8% in the first quarter. Diversified Trust Co now owns 2,165 shares of the industrial products company's stock valued at $258,000 after purchasing an additional 175 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Lindsay by 11.3% in the third quarter. Van ECK Associates Corp now owns 1,739 shares of the industrial products company's stock valued at $244,000 after purchasing an additional 177 shares during the period. Finally, Swiss National Bank raised its position in shares of Lindsay by 1.0% in the third quarter. Swiss National Bank now owns 21,000 shares of the industrial products company's stock valued at $2,952,000 after purchasing an additional 200 shares during the period. 89.94% of the stock is owned by institutional investors and hedge funds.

Lindsay Stock Performance

Shares of NYSE LNN opened at $113.50 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 21.79 and a beta of 0.70. The stock's fifty day moving average price is $115.43 and its two-hundred day moving average price is $118.40. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00.

Lindsay (NYSE:LNN - Get Free Report) last posted its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.39. The company had revenue of $160.76 million during the quarter, compared to the consensus estimate of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The company's revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.78 earnings per share. On average, equities analysts forecast that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The firm 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 dividend of $0.38 per share. This is a boost 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 of this dividend is Monday, August 17th. Lindsay's payout ratio is 28.41%.

Wall Street Analysts Forecast Growth

LNN has been the subject of several research analyst reports. Weiss Ratings downgraded shares of Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, May 21st. Stifel Nicolaus lowered their price target on shares of Lindsay from $128.00 to $113.00 and set a "hold" rating on the stock in a report on Monday, April 6th. Finally, Zacks Research upgraded shares of Lindsay from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, Lindsay 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.

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