Bank of New York Mellon Corp Lowers Stock Holdings in Lindsay Corporation (NYSE:LNN)

Bank of New York Mellon Corp cut its position in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 3.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 95,486 shares of the industrial products company's stock after selling 3,826 shares during the quarter. Bank of New York Mellon Corp owned about 0.88% of Lindsay worth $12,081,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Corient Private Wealth LLC grew its stake in shares of Lindsay by 1.8% in the fourth quarter. Corient Private Wealth LLC now owns 4,515 shares of the industrial products company's stock valued at $534,000 after buying an additional 78 shares in the last quarter. GAMMA Investing LLC grew its stake in Lindsay by 55.8% during the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 154 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Lindsay by 1.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,588 shares of the industrial products company's stock valued at $1,253,000 after purchasing an additional 177 shares in the last quarter. Hsbc Holdings PLC grew its stake in Lindsay by 12.8% during the 4th quarter. Hsbc Holdings PLC now owns 1,891 shares of the industrial products company's stock valued at $225,000 after purchasing an additional 214 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Lindsay by 3.5% during the 4th quarter. MetLife Investment Management LLC now owns 6,611 shares of the industrial products company's stock valued at $782,000 after purchasing an additional 222 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on LNN shares. Stifel Nicolaus raised their target price on shares of Lindsay from $128.00 to $136.00 and gave the stock a "hold" rating in a report on Friday, June 27th. Wall Street Zen raised shares of Lindsay from a "hold" rating to a "buy" rating in a research note on Friday, April 11th.

Lindsay Stock Up 1.6%

Shares of Lindsay stock traded up $2.15 on Tuesday, hitting $137.32. The company had a trading volume of 117,208 shares, compared to its average volume of 85,775. The firm has a market capitalization of $1.49 billion, a P/E ratio of 19.73 and a beta of 0.82. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. 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 has a 50-day moving average of $139.40 and a 200-day moving average of $132.92.

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

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 1.08%. Lindsay's dividend payout ratio is presently 20.69%.

Insider Buying and Selling at Lindsay

In related news, CFO Brian L. Ketcham sold 3,999 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares in the company, valued at approximately $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.70% of the stock is owned by insiders.

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.