Lindsay Corporation $LNN Stock Position Lifted by ProShare Advisors LLC

Key Points

• ProShare Advisors increased its Lindsay stake by 47.4% in the third quarter, bringing its holdings to 87,868 shares, worth about $9.8 million. Institutional investors collectively own 89.94% of the company.
• Lindsay beat quarterly expectations, reporting earnings per share of $1.10 versus estimates of $0.98 and revenue of $161.57 million, up 5.2% year over year.
• The company announced a $0.38 quarterly dividend, equal to a 1.4% annualized yield, while analysts’ consensus rating was “Reduce” with a $119 price target.

ProShare Advisors LLC grew its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 47.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,868 shares of the industrial products company's stock after acquiring an additional 28,256 shares during the quarter. ProShare Advisors LLC owned 0.86% of Lindsay worth $9,836,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Parallel Advisors LLC boosted its stake in shares of Lindsay by 1,295.8% in the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 311 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Lindsay by 86.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company's stock worth $57,000 after purchasing an additional 237 shares in the last quarter. GAMMA Investing LLC increased its position in Lindsay by 126.3% during the 3rd quarter. GAMMA Investing LLC now owns 697 shares of the industrial products company's stock worth $78,000 after purchasing an additional 389 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Lindsay during the 2nd quarter worth approximately $109,000. Finally, Nykredit A S bought a new position in Lindsay in the 2nd quarter valued at approximately $123,000. Institutional investors own 89.94% of the company's stock.

Lindsay Stock Performance

Shares of LNN stock opened at $107.56 on Wednesday. The business's 50-day moving average price is $113.39 and its 200-day moving average price is $116.88. Lindsay Corporation has a 12 month low of $97.27 and a 12 month high of $148.00. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 20.22 and a beta of 0.73. The company has a current ratio of 3.15, a quick ratio of 2.25 and a debt-to-equity ratio of 0.23.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.12. The company had revenue of $161.57 million for the quarter, compared to analysts' expectations of $147.56 million. Lindsay had a return on equity of 10.96% and a net margin of 8.75%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 earnings per share. Equities research analysts forecast that Lindsay Corporation will post 4.70 EPS for the current year.

Lindsay Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 16th. Lindsay's payout ratio is presently 28.57%.

Wall Street Analyst Weigh In

LNN has been the topic of a number of research analyst reports. Stifel Nicolaus cut their target price on shares of Lindsay from $121.00 to $119.00 and set a "hold" rating on the stock in a research report on Friday, October 23rd. Weiss Ratings downgraded shares of Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, October 16th. Finally, Zacks Research downgraded shares of Lindsay from a "hold" rating to a "strong sell" rating in a report on Thursday, October 29th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $119.00.

About Lindsay

Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company's irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water.

Lindsay's irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely.

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