Jennison Associates LLC Sells 192,770 Shares of Lindsay Corporation $LNN

Key Points

• Jennison Associates cut its stake in Lindsay by 39.4%, selling 192,770 shares and retaining 296,017 shares (about 2.83% of the company) valued at roughly $34.9 million at quarter-end.
• Lindsay posted a quarterly earnings miss (EPS $1.15 vs. $1.60 expected) and revenue fell 15.7% year-over-year to $157.72 million, prompting analyst downgrades and a consensus rating of "Reduce" with a $113 price target.
• The company declared a quarterly dividend of $0.37 per share (annualized $1.48, yield 1.3%), with an ex-dividend/record date of May 15 and payment on May 29.

Jennison Associates LLC decreased its position in Lindsay Corporation (NYSE:LNN - Free Report) by 39.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,017 shares of the industrial products company's stock after selling 192,770 shares during the quarter. Jennison Associates LLC owned approximately 2.83% of Lindsay worth $34,892,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Lindsay by 5.6% in the 2nd quarter. State Street Corp now owns 473,772 shares of the industrial products company's stock worth $68,342,000 after acquiring an additional 25,251 shares in the last quarter. Invesco Ltd. grew its stake in shares of Lindsay by 32.6% in the 3rd quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company's stock worth $28,953,000 after acquiring an additional 50,671 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Lindsay by 4.9% in the 3rd quarter. First Trust Advisors LP now owns 191,820 shares of the industrial products company's stock worth $26,962,000 after acquiring an additional 8,985 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Lindsay by 8.4% in the 3rd quarter. Legal & General Group Plc now owns 156,597 shares of the industrial products company's stock worth $22,011,000 after acquiring an additional 12,149 shares in the last quarter. Finally, Lightrock Netherlands B.V. grew its stake in shares of Lindsay by 5.2% in the 4th quarter. Lightrock Netherlands B.V. now owns 132,415 shares of the industrial products company's stock worth $15,608,000 after acquiring an additional 6,500 shares in the last quarter. Institutional investors own 89.94% of the company's stock.

Analyst Ratings Changes

LNN has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price on shares of Lindsay from $128.00 to $113.00 and set a "hold" rating for the company in a research note on Monday, April 6th. Zacks Research lowered shares of Lindsay from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 7th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Lindsay presently has a consensus rating of "Reduce" and a consensus price target of $113.00.

Lindsay Price Performance

NYSE LNN opened at $111.70 on Friday. The company has a market cap of $1.16 billion, a PE ratio of 20.46 and a beta of 0.73. Lindsay Corporation has a 52 week low of $97.27 and a 52 week high of $150.96. The company has a quick ratio of 2.15, a current ratio of 3.02 and a debt-to-equity ratio of 0.23. The firm's 50-day simple moving average is $118.40 and its two-hundred day simple moving average is $120.38.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings data on Thursday, April 2nd. The industrial products company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.45). The business had revenue of $157.72 million for the quarter, compared to analysts' expectations of $163.52 million. Lindsay had a net margin of 9.25% and a return on equity of 11.28%. Lindsay's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period last year, the company earned $2.44 earnings per share. Research analysts predict that Lindsay Corporation will post 5.19 earnings per share for the current year.

Lindsay Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.48 annualized dividend and a yield of 1.3%. Lindsay's dividend payout ratio is 27.11%.

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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