Teacher Retirement System of Texas cut its position in Lindsay Corporation (NYSE:LNN - Free Report) by 45.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,871 shares of the industrial products company's stock after selling 7,533 shares during the period. Teacher Retirement System of Texas owned 0.08% of Lindsay worth $1,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Lindsay by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 138,092 shares of the industrial products company's stock worth $16,338,000 after buying an additional 5,140 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Lindsay during the fourth quarter worth $611,000. AlphaQuest LLC acquired a new position in Lindsay during the fourth quarter worth $32,000. Gitterman Wealth Management LLC boosted its stake in Lindsay by 6.1% during the fourth quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company's stock worth $207,000 after buying an additional 101 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in Lindsay by 1.8% during the fourth quarter. Corient Private Wealth LLC now owns 4,515 shares of the industrial products company's stock worth $534,000 after buying an additional 78 shares during the last quarter. 89.94% of the stock is owned by institutional investors and hedge funds.
Lindsay Trading Up 0.3%
Shares of Lindsay stock traded up $0.47 during trading hours on Tuesday, hitting $136.56. The company's stock had a trading volume of 11,654 shares, compared to its average volume of 83,907. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. The firm has a fifty day moving average of $139.07 and a 200-day moving average of $132.28. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 19.67 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64.
Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings results 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. Lindsay had a return on equity of 15.09% and a net margin of 11.21%. The business had revenue of $169.46 million for the quarter, compared to analyst estimates of $157.87 million. During the same quarter in the prior year, the company posted $1.85 EPS. The company's quarterly revenue was up 21.8% on a year-over-year basis. Research analysts forecast that Lindsay Corporation will post 5.82 EPS for the current year.
Lindsay Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio is 20.69%.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. Stifel Nicolaus boosted 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.
Check Out Our Latest Analysis on LNN
Insider Activity at Lindsay
In related news, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the sale, the chief financial officer owned 9,621 shares in the company, valued at approximately $1,434,394.89. The trade was a 29.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by company insiders.
Lindsay Profile
(
Free Report)
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.
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