UBS Asset Management Americas Inc. held its stake in shares of Lindsay Corp. (NYSE:LNN) during the second quarter, Holdings Channel reports. The firm owned 6,661 shares of the company’s stock at the end of the second quarter. UBS Asset Management Americas Inc. owned about 0.06% of Lindsay Corp. worth $452,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. Schroder Investment Management Group boosted its stake in shares of Lindsay Corp. by 10.7% in the second quarter. Schroder Investment Management Group now owns 74,983 shares of the company’s stock valued at $5,088,000 after buying an additional 7,255 shares during the period. Royce & Associates LP boosted its stake in shares of Lindsay Corp. by 7.1% in the second quarter. Royce & Associates LP now owns 950,149 shares of the company’s stock valued at $64,477,000 after buying an additional 62,800 shares during the period. Stephens Investment Management Group LLC acquired a new stake in shares of Lindsay Corp. during the second quarter valued at $7,970,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Lindsay Corp. by 3.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 3,330 shares of the company’s stock valued at $226,000 after buying an additional 125 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Lindsay Corp. by 22.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,731 shares of the company’s stock valued at $1,950,000 after buying an additional 5,200 shares during the period.
Lindsay Corp. (NYSE:LNN) opened at 78.39 on Friday. The firm has a 50-day moving average of $73.95 and a 200 day moving average of $71.81. Lindsay Corp. has a 12-month low of $62.99 and a 12-month high of $80.28. The company has a market capitalization of $833.29 million, a price-to-earnings ratio of 42.37 and a beta of 0.82.
Lindsay Corp. (NYSE:LNN) last posted its quarterly earnings results on Thursday, October 13th. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.30. The company earned $132.90 million during the quarter, compared to analyst estimates of $113.38 million. Lindsay Corp. had a net margin of 3.92% and a return on equity of 11.25%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. Analysts expect that Lindsay Corp. will post $2.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, November 14th. This represents a $1.16 annualized dividend and a yield of 1.48%. Lindsay Corp.’s payout ratio is currently 61.70%.
Several brokerages have weighed in on LNN. Stifel Nicolaus lifted their price objective on shares of Lindsay Corp. from $64.00 to $69.00 and gave the stock a “sell” rating in a research note on Friday, October 14th. Zacks Investment Research cut shares of Lindsay Corp. from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 8th. Finally, TheStreet cut shares of Lindsay Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $72.29.
About Lindsay Corp.
Lindsay Corporation provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. Its Irrigation Segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems, which are used principally in the agricultural industry.