Bank of America Corp DE Trims Stake in Lindsay Co. (NYSE:LNN)

Bank of America Corp DE lessened its holdings in Lindsay Co. (NYSE:LNN - Free Report) by 65.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,036 shares of the industrial products company's stock after selling 11,501 shares during the period. Bank of America Corp DE owned 0.06% of Lindsay worth $714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. AlphaQuest LLC purchased a new stake in Lindsay in the fourth quarter valued at approximately $32,000. Global Retirement Partners LLC increased its holdings in shares of Lindsay by 10.3% in the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company's stock worth $109,000 after buying an additional 86 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Lindsay by 73.1% during the 4th quarter. Van ECK Associates Corp now owns 1,475 shares of the industrial products company's stock valued at $175,000 after buying an additional 623 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Lindsay by 729.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company's stock worth $202,000 after acquiring an additional 1,503 shares during the last quarter. Finally, Gitterman Wealth Management LLC grew its position in Lindsay by 6.1% in the fourth quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company's stock worth $207,000 after acquiring an additional 101 shares in the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Lindsay Trading Down 1.5%

Shares of LNN stock traded down $2.07 on Friday, hitting $134.22. 76,158 shares of the company's stock traded hands, compared to its average volume of 84,576. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 21.54 and a beta of 0.82. The company's fifty day simple moving average is $132.83 and its 200 day simple moving average is $130.37. Lindsay Co. has a one year low of $109.27 and a one year high of $144.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.65 and a current ratio of 3.87.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings data on Thursday, April 3rd. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.55. The firm had revenue of $187.10 million during the quarter, compared to the consensus estimate of $174.50 million. Lindsay had a return on equity of 13.17% and a net margin of 11.18%. The business's revenue was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.64 earnings per share. Equities analysts forecast that Lindsay Co. will post 5.82 EPS for the current year.

Lindsay Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.07%. Lindsay's dividend payout ratio is currently 20.48%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Lindsay from $134.00 to $128.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen upgraded Lindsay from a "hold" rating to a "buy" rating in a research report on Friday, April 11th.

Lindsay 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.