California State Teachers Retirement System reduced its position in Lindsay Co. (NYSE:LNN) by 9.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,767 shares of the industrial products company’s stock after selling 1,836 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of Lindsay worth $1,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Flinton Capital Management LLC grew its position in shares of Lindsay by 72.7% in the second quarter. Flinton Capital Management LLC now owns 1,292 shares of the industrial products company’s stock valued at $115,000 after purchasing an additional 544 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Lindsay by 27.2% in the second quarter. Van ECK Associates Corp now owns 1,692 shares of the industrial products company’s stock valued at $151,000 after purchasing an additional 362 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Lindsay in the second quarter valued at $205,000. Crossmark Global Holdings Inc. purchased a new position in shares of Lindsay in the third quarter valued at $224,000. Finally, OxFORD Asset Management LLP purchased a new position in shares of Lindsay in the second quarter valued at $219,000. 93.97% of the stock is owned by institutional investors and hedge funds.
Shares of Lindsay Co. (LNN) opened at $92.79 on Monday. The stock has a market capitalization of $994.84, a price-to-earnings ratio of 38.99, a P/E/G ratio of 2.03 and a beta of 0.50. Lindsay Co. has a 52 week low of $73.34 and a 52 week high of $96.22. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.24 and a current ratio of 3.29.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Wednesday, February 14th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Tuesday, February 13th. Lindsay’s dividend payout ratio is 50.42%.
In other Lindsay news, Director Michael Nahl sold 7,200 shares of Lindsay stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $86.43, for a total transaction of $622,296.00. Following the completion of the sale, the director now owns 3,687 shares of the company’s stock, valued at $318,667.41. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David B. Downing sold 26,265 shares of Lindsay stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $86.14, for a total value of $2,262,467.10. The disclosure for this sale can be found here. Insiders have sold 55,281 shares of company stock valued at $4,763,339 in the last three months. 3.10% of the stock is owned by corporate insiders.
Several brokerages have recently weighed in on LNN. Boenning Scattergood reiterated a “hold” rating on shares of Lindsay in a research report on Thursday, October 12th. TheStreet lowered Lindsay from a “b-” rating to a “c” rating in a research note on Tuesday, January 9th. Stifel Nicolaus lifted their price objective on Lindsay from $76.00 to $90.00 and gave the company a “hold” rating in a research note on Friday, October 13th. Finally, Zacks Investment Research lowered Lindsay from a “hold” rating to a “sell” rating in a research note on Wednesday, December 13th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average 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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