Jennison Associates LLC Boosts Stock Position in Lindsay Corporation (NYSE:LNN)

Jennison Associates LLC lifted its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 404.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 216,878 shares of the industrial products company's stock after acquiring an additional 173,872 shares during the period. Jennison Associates LLC owned 2.00% of Lindsay worth $27,439,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. AlphaQuest LLC purchased a new stake in shares of Lindsay in the fourth quarter worth approximately $32,000. GAMMA Investing LLC raised its holdings in shares of Lindsay by 55.8% in the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock worth $54,000 after buying an additional 154 shares during the period. Mutual of America Capital Management LLC purchased a new stake in shares of Lindsay in the first quarter worth approximately $200,000. Tower Research Capital LLC TRC grew its stake in Lindsay by 729.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company's stock worth $202,000 after purchasing an additional 1,503 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in Lindsay in the fourth quarter worth approximately $215,000. Institutional investors own 89.94% of the company's stock.

Insider Activity at Lindsay

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of Lindsay stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total transaction of $596,210.91. Following the completion of the sale, the chief financial officer owned 9,621 shares of the company's stock, valued at approximately $1,434,394.89. The trade was a 29.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is owned by insiders.

Lindsay Stock Down 0.3%

Shares of LNN traded down $0.41 during trading hours on Wednesday, hitting $136.61. The company had a trading volume of 22,575 shares, compared to its average volume of 99,890. The company has a market capitalization of $1.48 billion, a PE ratio of 19.63 and a beta of 0.82. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96. The company's fifty day moving average price is $139.30 and its two-hundred day moving average price is $133.07.

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

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $0.37 dividend. 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%. The ex-dividend date is Friday, August 15th. Lindsay's dividend payout ratio (DPR) is presently 20.69%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LNN. Stifel Nicolaus increased their price objective on Lindsay from $128.00 to $136.00 and gave the stock a "hold" rating in a research note on Friday, June 27th. Wall Street Zen raised Lindsay from a "hold" rating to a "buy" rating in a research note on Friday, April 11th.

Lindsay Company 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.