Norges Bank Makes New Investment in Lindsay Co. (NYSE:LNN)

Norges Bank purchased a new position in shares of Lindsay Co. (NYSE:LNN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,469 shares of the industrial products company's stock, valued at approximately $1,475,000. Norges Bank owned 0.11% of Lindsay as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Lindsay by 304.7% in the 4th quarter. JPMorgan Chase & Co. now owns 41,640 shares of the industrial products company's stock valued at $4,926,000 after purchasing an additional 31,351 shares in the last quarter. Vanguard Group Inc. lifted its position in Lindsay by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 1,260,171 shares of the industrial products company's stock worth $149,091,000 after acquiring an additional 10,649 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Lindsay during the fourth quarter valued at about $260,000. American Century Companies Inc. grew its stake in Lindsay by 5.4% during the 4th quarter. American Century Companies Inc. now owns 43,802 shares of the industrial products company's stock valued at $5,182,000 after purchasing an additional 2,229 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Lindsay in the fourth quarter valued at $353,000. 89.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on LNN. StockNews.com raised shares of Lindsay from a "hold" rating to a "buy" rating in a report on Friday, April 11th. Stifel Nicolaus lowered their price target on Lindsay from $134.00 to $128.00 and set a "hold" rating on the stock in a report on Wednesday.

Lindsay Stock Up 0.1 %

Shares of LNN traded up $0.18 during mid-day trading on Thursday, reaching $124.96. The company's stock had a trading volume of 11,918 shares, compared to its average volume of 86,625. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 20.07 and a beta of 0.72. Lindsay Co. has a 1 year low of $109.27 and a 1 year high of $140.27. The company has a quick ratio of 2.65, a current ratio of 3.87 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $129.00 and a 200 day moving average of $126.94.

Lindsay (NYSE:LNN - Get Free Report) last posted its earnings results on Thursday, April 3rd. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $1.89 by $0.55. The company had revenue of $187.10 million during the quarter, compared to the consensus estimate of $174.50 million. Lindsay had a net margin of 11.18% and a return on equity of 13.17%. The company's revenue for the quarter was up 23.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.64 earnings per share. As a group, analysts forecast that Lindsay Co. will post 5.82 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.44 annualized dividend and a dividend yield of 1.15%. Lindsay's dividend payout ratio is currently 20.48%.

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.