Bank of New York Mellon Corp Sells 66,998 Shares of Lindblad Expeditions $LIND

Key Points

• Bank of New York Mellon cut its Lindblad Expeditions stake by 6.5%, selling 66,998 shares and retaining 963,648 shares valued at approximately $16.7 million. Institutional investors collectively own 75.94% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $29.20; Benchmark recently raised its target to $34.00.
• Lindblad Expeditions exceeded quarterly expectations, reporting $0.09 in earnings per share versus a $0.01 estimate and revenue of $208.01 million versus $197.24 million expected. However, insiders have sold 88,602 shares worth about $2.0 million over the past 90 days.

Bank of New York Mellon Corp trimmed its holdings in Lindblad Expeditions (NASDAQ:LIND - Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 963,648 shares of the company's stock after selling 66,998 shares during the quarter. Bank of New York Mellon Corp owned 1.47% of Lindblad Expeditions worth $16,671,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Millennium Management LLC boosted its position in Lindblad Expeditions by 115.1% during the third quarter. Millennium Management LLC now owns 834,162 shares of the company's stock valued at $10,677,000 after buying an additional 446,294 shares during the period. UBS Group AG raised its stake in shares of Lindblad Expeditions by 57.9% during the fourth quarter. UBS Group AG now owns 833,372 shares of the company's stock valued at $12,017,000 after acquiring an additional 305,704 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Lindblad Expeditions by 76.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 604,437 shares of the company's stock valued at $8,716,000 after purchasing an additional 262,408 shares during the last quarter. Marshall Wace LLP lifted its stake in Lindblad Expeditions by 62.1% in the second quarter. Marshall Wace LLP now owns 568,241 shares of the company's stock worth $6,631,000 after acquiring an additional 217,638 shares during the period. Finally, Lord Abbett & CO. LLC boosted its holdings in Lindblad Expeditions by 63.7% in the fourth quarter. Lord Abbett & CO. LLC now owns 541,751 shares of the company's stock valued at $7,812,000 after acquiring an additional 210,802 shares in the last quarter. Institutional investors own 75.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Benchmark increased their price target on shares of Lindblad Expeditions from $25.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Zacks Research raised Lindblad Expeditions from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. Capital One Financial set a $31.00 target price on Lindblad Expeditions in a report on Monday, June 29th. Texas Capital lowered Lindblad Expeditions from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Lindblad Expeditions from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.20.

Insider Buying and Selling at Lindblad Expeditions

In related news, Director Michael Elliott Bisnow sold 44,642 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $24.21, for a total value of $1,080,782.82. Following the transaction, the director owned 25,872 shares in the company, valued at $626,361.12. The trade was a 63.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John M. Fahey, Jr. sold 3,500 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $20.04, for a total transaction of $70,140.00. Following the sale, the director directly owned 119,486 shares in the company, valued at $2,394,499.44. This trade represents a 2.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 88,602 shares of company stock worth $1,966,009. 26.10% of the stock is owned by insiders.

Lindblad Expeditions Stock Performance

Shares of LIND opened at $29.83 on Friday. Lindblad Expeditions has a fifty-two week low of $11.37 and a fifty-two week high of $30.43. The firm's 50-day simple moving average is $25.37 and its two-hundred day simple moving average is $20.89. The stock has a market cap of $1.96 billion, a PE ratio of -55.23 and a beta of 2.22.

Lindblad Expeditions (NASDAQ:LIND - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. The business had revenue of $208.01 million for the quarter, compared to analysts' expectations of $197.24 million. Equities research analysts predict that Lindblad Expeditions will post 0.16 EPS for the current year.

About Lindblad Expeditions

Lindblad Expeditions NASDAQ: LIND is a global leader in expedition cruising, specializing in immersive small-ship voyages to some of the world's most remote and wildlife-rich regions. The company operates a fleet of purpose-built vessels designed to navigate challenging waters and shorelines, offering guests up-close encounters with natural environments such as the polar ice caps, the Galápagos Islands, Costa Rica's rainforests and the waterways of Alaska, Patagonia and the Arctic.

Founded on the pioneering spirit of Lars-Eric Lindblad, regarded as the father of expedition travel, Lindblad Expeditions carries forward a legacy of discovery that dates back to the 1960s.

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