Manchester Capital Management LLC Sells 800 Shares of Lindsay Co. (NYSE:LNN)

Manchester Capital Management LLC reduced its position in shares of Lindsay Co. (NYSE:LNN) by 18.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,650 shares of the industrial products company’s stock after selling 800 shares during the period. Manchester Capital Management LLC’s holdings in Lindsay were worth $429,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in shares of Lindsay in the 4th quarter valued at approximately $24,285,000. American Century Companies Inc. increased its stake in shares of Lindsay by 3,922.9% during the 3rd quarter. American Century Companies Inc. now owns 190,726 shares of the industrial products company’s stock worth $22,445,000 after purchasing an additional 185,985 shares during the last quarter. Norges Bank acquired a new position in Lindsay during the fourth quarter worth approximately $10,751,000. UBS Group AG increased its position in Lindsay by 212.7% during the 4th quarter. UBS Group AG now owns 65,021 shares of the industrial products company’s stock worth $8,398,000 after buying an additional 44,226 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Lindsay by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,279,819 shares of the industrial products company’s stock valued at $165,301,000 after acquiring an additional 17,261 shares during the period. 89.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on LNN shares. StockNews.com cut shares of Lindsay from a “buy” rating to a “hold” rating in a report on Friday, April 12th. Northcoast Research upgraded Lindsay from a “neutral” rating to a “buy” rating and set a $142.00 target price for the company in a research report on Friday, April 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $138.33.

Lindsay Trading Up 2.7 %

Shares of LNN stock traded up $3.10 during mid-day trading on Friday, reaching $118.98. 29,296 shares of the stock traded hands, compared to its average volume of 103,037. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 17.59 and a beta of 0.62. The company has a quick ratio of 2.56, a current ratio of 3.95 and a debt-to-equity ratio of 0.24. The stock’s fifty day simple moving average is $115.86 and its two-hundred day simple moving average is $120.31. Lindsay Co. has a 1-year low of $106.46 and a 1-year high of $137.31.

Lindsay (NYSE:LNN) last posted its earnings results on Thursday, June 27th. The industrial products company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.68. The firm had revenue of $139.20 million for the quarter, compared to analyst estimates of $144.38 million. Lindsay had a net margin of 11.75% and a return on equity of 14.41%. The company’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.53 EPS. On average, research analysts anticipate that Lindsay Co. will post 5.44 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Lindsay’s previous quarterly dividend of $0.35. Lindsay’s payout ratio is 21.24%.

About Lindsay

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.