Jennison Associates LLC Makes New Investment in Lindsay Co. (NYSE:LNN)

Jennison Associates LLC bought a new position in shares of Lindsay Co. (NYSE:LNN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 43,006 shares of the industrial products company's stock, valued at approximately $5,088,000. Jennison Associates LLC owned approximately 0.40% of Lindsay as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of LNN. Bank of Montreal Can acquired a new position in Lindsay during the second quarter worth $436,000. Marshall Wace LLP raised its stake in shares of Lindsay by 106.1% in the 2nd quarter. Marshall Wace LLP now owns 6,775 shares of the industrial products company's stock valued at $833,000 after acquiring an additional 3,488 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Lindsay by 3.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,278 shares of the industrial products company's stock worth $1,263,000 after acquiring an additional 347 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Lindsay by 171.2% during the 3rd quarter. SG Americas Securities LLC now owns 6,159 shares of the industrial products company's stock worth $768,000 after purchasing an additional 3,888 shares during the period. Finally, CWM LLC increased its holdings in Lindsay by 16.8% in the 3rd quarter. CWM LLC now owns 638 shares of the industrial products company's stock valued at $80,000 after purchasing an additional 92 shares during the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Lindsay Stock Down 1.2 %

LNN stock traded down $1.52 during midday trading on Friday, hitting $130.11. The company's stock had a trading volume of 40,709 shares, compared to its average volume of 77,005. The firm has a 50-day simple moving average of $128.03 and a 200-day simple moving average of $124.21. The firm has a market capitalization of $1.41 billion, a P/E ratio of 20.88 and a beta of 0.67. The company has a quick ratio of 2.65, a current ratio of 3.87 and a debt-to-equity ratio of 0.24. Lindsay Co. has a 52-week low of $109.27 and a 52-week high of $140.26.

Lindsay (NYSE:LNN - Get Free Report) last released its earnings results on Tuesday, January 7th. The industrial products company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.18. Lindsay had a return on equity of 13.17% and a net margin of 11.18%. The firm had revenue of $166.30 million during the quarter, compared to analyst estimates of $169.78 million. During the same period last year, the business posted $1.36 earnings per share. Lindsay's revenue was up 3.0% compared to the same quarter last year. As a group, equities analysts forecast that Lindsay Co. will post 5.82 EPS for the current year.

Lindsay Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.11%. Lindsay's payout ratio is 23.11%.

Analysts Set New Price Targets

A number of research firms have commented on LNN. Stifel Nicolaus upped their price target on Lindsay from $126.00 to $130.00 and gave the stock a "hold" rating in a research note on Wednesday, January 8th. StockNews.com upgraded Lindsay from a "hold" rating to a "buy" rating in a report on Tuesday, January 7th.

Lindsay Company 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.