Lindsay Corporation $LNN Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Lindsay stake by 80.7% in the first quarter, selling 13,000 shares and retaining 3,100 shares worth approximately $369,000. Institutional investors collectively own 89.94% of the company.
• Lindsay exceeded quarterly earnings expectations, reporting $1.53 in EPS versus the $1.14 consensus, while revenue reached $160.76 million. However, revenue declined 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share, equivalent to a $1.52 annual payout and a 1.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $113.

Renaissance Technologies LLC cut its stake in Lindsay Corporation (NYSE:LNN - Free Report) by 80.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,100 shares of the industrial products company's stock after selling 13,000 shares during the period. Renaissance Technologies LLC's holdings in Lindsay were worth $369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in Lindsay during the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new stake in shares of Lindsay in the 3rd quarter worth $30,000. Parallel Advisors LLC raised its holdings in shares of Lindsay by 1,295.8% during the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company's stock worth $40,000 after acquiring an additional 311 shares during the period. Copeland Capital Management LLC purchased a new position in shares of Lindsay during the 4th quarter worth $62,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Lindsay during the 4th quarter valued at about $83,000. Institutional investors and hedge funds own 89.94% of the company's stock.

Lindsay Trading Down 1.7%

Shares of Lindsay stock opened at $112.13 on Wednesday. The stock has a 50 day moving average of $116.06 and a 200 day moving average of $117.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 21.52 and a beta of 0.70. Lindsay Corporation has a fifty-two week low of $97.27 and a fifty-two week high of $148.00.

Lindsay (NYSE:LNN - Get Free Report) last posted its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.39. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The company had revenue of $160.76 million for the quarter, compared to the consensus estimate of $157.80 million. During the same quarter in the previous year, the business earned $1.78 earnings per share. The company's revenue for the quarter was down 5.2% on a year-over-year basis. As a group, research analysts predict that Lindsay Corporation will post 5.19 earnings per share for the current year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be issued a $0.38 dividend. This is an increase from Lindsay's previous quarterly dividend of $0.37. The ex-dividend date is Monday, August 17th. This represents a $1.52 annualized dividend and a yield of 1.4%. Lindsay's payout ratio is presently 28.41%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Zacks Research raised shares of Lindsay from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Weiss Ratings downgraded shares of Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $113.00.

Lindsay Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source