The Manufacturers Life Insurance Company Reduces Stock Position in Lindsay Co. (NYSE:LNN)

The Manufacturers Life Insurance Company cut its holdings in Lindsay Co. (NYSE:LNN) by 5.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 9,386 shares of the industrial products company’s stock after selling 501 shares during the period. The Manufacturers Life Insurance Company’s holdings in Lindsay were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Corient Private Wealth LLC boosted its holdings in shares of Lindsay by 1.8% in the fourth quarter. Corient Private Wealth LLC now owns 4,515 shares of the industrial products company’s stock worth $534,000 after acquiring an additional 78 shares during the period. Global Retirement Partners LLC lifted its holdings in Lindsay by 10.3% during the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company’s stock worth $109,000 after purchasing an additional 86 shares in the last quarter. Gitterman Wealth Management LLC boosted its stake in Lindsay by 6.1% in the 4th quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company’s stock worth $207,000 after purchasing an additional 101 shares during the period. GAMMA Investing LLC grew its holdings in Lindsay by 90.3% during the 4th quarter. GAMMA Investing LLC now owns 276 shares of the industrial products company’s stock valued at $33,000 after buying an additional 131 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Lindsay by 1.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,588 shares of the industrial products company’s stock valued at $1,253,000 after buying an additional 177 shares in the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Lindsay Price Performance

Lindsay stock opened at $138.96 on Wednesday. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 22.30 and a beta of 0.81. 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 50-day simple moving average of $128.19 and a 200 day simple moving average of $128.31. Lindsay Co. has a 52 week low of $109.27 and a 52 week high of $140.68.

Lindsay (NYSE:LNN) last issued its quarterly earnings data 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 analyst estimates of $174.50 million. Lindsay had a return on equity of 13.17% and a net margin of 11.18%. Lindsay’s revenue was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.64 earnings per share. On average, research analysts forecast that Lindsay Co. will post 5.82 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Friday, May 16th. Lindsay’s payout ratio is 20.48%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on LNN shares. 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 target price on shares of Lindsay from $134.00 to $128.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th.

Lindsay 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.