Principal Financial Group Inc. boosted its stake in shares of Lindsay Corporation (NYSE:LNN) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,942 shares of the industrial products company’s stock after buying an additional 3,448 shares during the period. Principal Financial Group Inc.’s holdings in Lindsay Corporation were worth $7,926,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its stake in Lindsay Corporation by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 1,170 shares of the industrial products company’s stock valued at $103,000 after buying an additional 20 shares in the last quarter. Comerica Bank raised its stake in Lindsay Corporation by 5.4% in the fourth quarter. Comerica Bank now owns 11,914 shares of the industrial products company’s stock valued at $891,000 after buying an additional 606 shares in the last quarter. Suffolk Capital Management LLC purchased a new stake in Lindsay Corporation during the first quarter valued at $474,000. Norges Bank purchased a new stake in Lindsay Corporation during the fourth quarter valued at $1,047,000. Finally, US Bancorp DE raised its stake in Lindsay Corporation by 100.0% in the first quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock valued at $159,000 after buying an additional 900 shares in the last quarter.
Lindsay Corporation (LNN) opened at 90.61 on Monday. The stock has a market cap of $968.53 million, a PE ratio of 39.26 and a beta of 0.43. The firm’s 50-day moving average price is $85.60 and its 200-day moving average price is $82.00. Lindsay Corporation has a 52 week low of $66.99 and a 52 week high of $92.74.
Lindsay Corporation (NYSE:LNN) last announced its earnings results on Thursday, June 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.07. The business had revenue of $151.50 million for the quarter, compared to analysts’ expectations of $145.30 million. Lindsay Corporation had a return on equity of 9.69% and a net margin of 4.75%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Equities analysts predict that Lindsay Corporation will post $2.23 earnings per share for the current fiscal year.
LNN has been the topic of several research reports. Zacks Investment Research lowered Lindsay Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Boenning Scattergood restated a “hold” rating on shares of Lindsay Corporation in a research report on Thursday, June 29th. Stifel Nicolaus restated a “hold” rating and set a $76.00 price target (up from $75.00) on shares of Lindsay Corporation in a research report on Sunday, April 2nd. Piper Jaffray Companies lifted their price target on Lindsay Corporation from $77.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd. Finally, TheStreet upgraded Lindsay Corporation from a “c” rating to a “b” rating in a research report on Thursday, March 30th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $87.50.
In other Lindsay Corporation news, insider David B. Downing sold 7,000 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $89.28, for a total transaction of $624,960.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.10% of the stock is currently owned by company insiders.
Lindsay Corporation Company Profile
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry.
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