Assenagon Asset Management S.A. Invests $1.42 Million in Lindsay Corporation $LNN

Key Points

• Assenagon Asset Management S.A. invested approximately $1.42 million in Lindsay Corporation, acquiring 9,850 shares, which constitutes about 0.09% of the company’s total shares.
• Institutional investors hold a significant 89.94% of Lindsay's stock, with various firms increasing their positions in the company during the past few quarters.
• Lindsay's recent quarterly earnings report showed an EPS of $1.78, exceeding analysts' expectations by $0.42 and demonstrating a 21.8% increase in revenue year-over-year.

Assenagon Asset Management S.A. bought a new position in Lindsay Corporation (NYSE:LNN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 9,850 shares of the industrial products company's stock, valued at approximately $1,421,000. Assenagon Asset Management S.A. owned approximately 0.09% of Lindsay as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of LNN. Millennium Management LLC increased its holdings in Lindsay by 80.0% in the 4th quarter. Millennium Management LLC now owns 8,636 shares of the industrial products company's stock worth $1,022,000 after purchasing an additional 3,838 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Lindsay by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,245 shares of the industrial products company's stock worth $4,288,000 after purchasing an additional 2,413 shares in the last quarter. Wellington Management Group LLP increased its holdings in Lindsay by 5.8% in the 4th quarter. Wellington Management Group LLP now owns 146,122 shares of the industrial products company's stock worth $17,288,000 after purchasing an additional 7,952 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Lindsay by 19,611.6% in the 1st quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock valued at $6,883,000 after buying an additional 54,128 shares during the last quarter. Finally, Union Bancaire Privee UBP SA grew its position in shares of Lindsay by 4.7% in the 1st quarter. Union Bancaire Privee UBP SA now owns 5,918 shares of the industrial products company's stock valued at $775,000 after buying an additional 265 shares during the last quarter. Institutional investors and hedge funds own 89.94% of the company's stock.

Insider Transactions at Lindsay

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total transaction of $263,700.48. Following the transaction, the director owned 3,274 shares in the company, valued at approximately $465,169.92. This represents a 36.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian L. Ketcham sold 3,999 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. This trade represents a 29.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,187 shares of company stock worth $1,049,162. 1.70% of the stock is owned by company insiders.

Lindsay Stock Up 0.9%

Shares of NYSE:LNN opened at $139.31 on Friday. Lindsay Corporation has a 1 year low of $112.14 and a 1 year high of $150.96. The company has a market cap of $1.51 billion, a PE ratio of 20.02 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.64. The stock's 50-day moving average is $138.40 and its 200 day moving average is $135.37.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.42. Lindsay had a return on equity of 15.09% and a net margin of 11.21%.The company had revenue of $169.46 million for the quarter, compared to the consensus estimate of $157.87 million. During the same quarter in the previous year, the business earned $1.85 EPS. Lindsay's revenue was up 21.8% compared to the same quarter last year. Sell-side analysts anticipate that Lindsay Corporation will post 5.82 EPS for the current year.

Analysts Set New Price Targets

Separately, Stifel Nicolaus upped their target price on Lindsay from $128.00 to $136.00 and gave the company a "hold" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Lindsay presently has an average rating of "Hold" and an average target price of $136.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.