Ceredex Value Advisors LLC Takes Position in Lindsay Co. (LNN)

Ceredex Value Advisors LLC acquired a new position in shares of Lindsay Co. (NYSE:LNN) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 62,400 shares of the industrial products company’s stock, valued at approximately $6,255,000. Ceredex Value Advisors LLC owned 0.58% of Lindsay at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Voya Investment Management LLC boosted its position in shares of Lindsay by 1.1% during the second quarter. Voya Investment Management LLC now owns 370,635 shares of the industrial products company’s stock worth $35,948,000 after buying an additional 3,929 shares during the period. Paloma Partners Management Co acquired a new position in shares of Lindsay during the second quarter worth approximately $474,000. Trexquant Investment LP bought a new stake in Lindsay during the second quarter worth approximately $1,252,000. State of Wisconsin Investment Board bought a new stake in Lindsay during the second quarter worth approximately $2,328,000. Finally, Meadow Creek Investment Management LLC raised its holdings in Lindsay by 201.8% during the second quarter. Meadow Creek Investment Management LLC now owns 2,656 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 1,776 shares in the last quarter. Institutional investors and hedge funds own 93.76% of the company’s stock.

Several equities research analysts recently commented on LNN shares. ValuEngine cut Lindsay from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Stifel Nicolaus dropped their target price on Lindsay from $94.00 to $91.00 and set a “hold” rating on the stock in a report on Tuesday, September 4th. Zacks Investment Research cut Lindsay from a “hold” rating to a “sell” rating in a report on Wednesday, September 5th. Monness Crespi & Hardt set a $70.00 target price on Lindsay and gave the stock a “sell” rating in a report on Wednesday, September 19th. Finally, Sidoti cut Lindsay from a “buy” rating to a “neutral” rating and set a $111.00 target price on the stock. in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Lindsay currently has an average rating of “Hold” and an average target price of $96.25.

Shares of NYSE:LNN opened at $96.86 on Thursday. The company has a market cap of $1.11 billion, a P/E ratio of 32.95, a PEG ratio of 1.83 and a beta of 0.41. The company has a current ratio of 4.13, a quick ratio of 3.14 and a debt-to-equity ratio of 0.42. Lindsay Co. has a 12 month low of $83.57 and a 12 month high of $109.50.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, October 18th. The industrial products company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.38). The firm had revenue of $123.30 million during the quarter, compared to analyst estimates of $136.22 million. Lindsay had a net margin of 3.70% and a return on equity of 11.53%. Lindsay’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 earnings per share. As a group, analysts anticipate that Lindsay Co. will post 3.15 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Thursday, November 15th. Lindsay’s dividend payout ratio (DPR) is presently 42.18%.

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Lindsay Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.

Further Reading: How can you know how many shares are floating?

Institutional Ownership by Quarter for Lindsay (NYSE:LNN)

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