Jennison Associates LLC Reduces Position in Lindsay Corporation $LNN

Jennison Associates LLC cut its holdings in shares of Lindsay Corporation (NYSE:LNN) by 39.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 296,017 shares of the industrial products company’s stock after selling 192,770 shares during the quarter. Jennison Associates LLC’s holdings in Lindsay were worth $34,892,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in LNN. AQR Capital Management LLC lifted its holdings in Lindsay by 13.9% during the first quarter. AQR Capital Management LLC now owns 8,043 shares of the industrial products company’s stock valued at $1,018,000 after purchasing an additional 984 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Lindsay by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,455 shares of the industrial products company’s stock worth $817,000 after buying an additional 289 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Lindsay by 13.4% in the first quarter. Goldman Sachs Group Inc. now owns 48,560 shares of the industrial products company’s stock worth $6,144,000 after buying an additional 5,749 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Lindsay by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 39,056 shares of the industrial products company’s stock worth $4,941,000 after buying an additional 2,811 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Lindsay by 134.4% in the first quarter. Jane Street Group LLC now owns 38,720 shares of the industrial products company’s stock worth $4,899,000 after buying an additional 22,204 shares in the last quarter. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Down 0.2%

Shares of Lindsay stock opened at $111.70 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.15 and a current ratio of 3.02. Lindsay Corporation has a 52-week low of $97.27 and a 52-week high of $150.96. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 20.46 and a beta of 0.73. The company’s 50 day moving average price is $118.40 and its 200-day moving average price is $120.38.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The firm had revenue of $157.72 million during the quarter, compared to the consensus estimate of $163.52 million. During the same quarter in the prior year, the business posted $2.44 EPS. The firm’s revenue for the quarter was down 15.7% on a year-over-year basis. Equities research analysts forecast that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be issued a $0.37 dividend. The ex-dividend date is Friday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.3%. Lindsay’s dividend payout ratio (DPR) is currently 27.11%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LNN. Zacks Research downgraded shares of Lindsay from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 7th. Stifel Nicolaus lowered their price target on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Lindsay currently has an average rating of “Reduce” and a consensus target price of $113.00.

Lindsay Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.