California Public Employees Retirement System grew its position in Lindsay Co. (NYSE:LNN) by 2.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,158 shares of the industrial products company’s stock after purchasing an additional 720 shares during the period. California Public Employees Retirement System owned about 0.27% of Lindsay worth $2,572,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Crossmark Global Holdings Inc. purchased a new stake in shares of Lindsay in the third quarter valued at about $224,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Lindsay in the third quarter valued at about $246,000. Victory Capital Management Inc. purchased a new stake in shares of Lindsay in the third quarter valued at about $261,000. Teacher Retirement System of Texas purchased a new stake in shares of Lindsay in the fourth quarter valued at about $327,000. Finally, Municipal Employees Retirement System of Michigan raised its holdings in shares of Lindsay by 43.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 4,870 shares of the industrial products company’s stock valued at $448,000 after purchasing an additional 1,480 shares during the last quarter. Institutional investors own 92.02% of the company’s stock.
In related news, Director Bill Welsh sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $90.00, for a total transaction of $198,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David B. Downing sold 26,265 shares of the firm’s stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $86.14, for a total transaction of $2,262,467.10. The disclosure for this sale can be found here. Insiders have sold 58,281 shares of company stock valued at $5,033,499 in the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
Shares of LNN stock opened at $92.26 on Wednesday. Lindsay Co. has a 1-year low of $79.03 and a 1-year high of $96.22. The company has a current ratio of 3.29, a quick ratio of 2.24 and a debt-to-equity ratio of 0.43. The stock has a market cap of $993.34, a PE ratio of 38.76, a P/E/G ratio of 2.00 and a beta of 0.36.
Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, December 21st. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.06). Lindsay had a return on equity of 9.65% and a net margin of 4.79%. The company had revenue of $124.53 million for the quarter, compared to analysts’ expectations of $117.11 million. During the same quarter last year, the business posted $0.08 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. analysts forecast that Lindsay Co. will post 3.09 EPS for the current fiscal year.
Several brokerages have recently commented on LNN. TheStreet downgraded shares of Lindsay from a “b-” rating to a “c” rating in a report on Tuesday, January 9th. Stifel Nicolaus reiterated a “hold” rating and issued a $91.00 target price on shares of Lindsay in a report on Thursday, December 14th. Finally, Zacks Investment Research downgraded shares of Lindsay from a “hold” rating to a “sell” rating in a report on Wednesday, December 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $95.25.
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Lindsay 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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