KLP Kapitalforvaltning AS Purchases New Stake in Lindsay Co. (NYSE:LNN)

KLP Kapitalforvaltning AS bought a new stake in Lindsay Co. (NYSE:LNN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,200 shares of the industrial products company's stock, valued at approximately $260,000.

Other hedge funds have also recently added to or reduced their stakes in the company. AlphaQuest LLC bought a new stake in shares of Lindsay in the 4th quarter valued at approximately $32,000. GAMMA Investing LLC boosted its stake in Lindsay by 90.3% in 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. Global Retirement Partners LLC grew its position in Lindsay by 10.3% in the fourth quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company's stock valued at $109,000 after acquiring an additional 86 shares during the period. Van ECK Associates Corp raised its stake in Lindsay by 73.1% during the fourth quarter. Van ECK Associates Corp now owns 1,475 shares of the industrial products company's stock worth $175,000 after acquiring an additional 623 shares in the last quarter. Finally, Gitterman Wealth Management LLC lifted its holdings in shares of Lindsay by 6.1% during the fourth quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company's stock valued at $207,000 after acquiring an additional 101 shares during the period. Institutional investors and hedge funds own 89.94% of the company's stock.

Lindsay Price Performance

LNN traded up $3.81 during trading on Friday, hitting $127.30. The company's stock had a trading volume of 69,693 shares, compared to its average volume of 86,689. 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 stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 20.43 and a beta of 0.72. The firm's 50 day moving average price is $129.27 and its two-hundred day moving average price is $126.89. Lindsay Co. has a 12 month low of $109.27 and a 12 month high of $140.27.

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Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, April 3rd. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.55. The business had revenue of $187.10 million during the quarter, compared to analysts' expectations of $174.50 million. Lindsay had a return on equity of 13.17% and a net margin of 11.18%. The firm's revenue for the quarter was up 23.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.64 earnings per share. Sell-side analysts forecast that Lindsay Co. will post 5.82 earnings per share for the current fiscal year.

Lindsay Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.13%. Lindsay's payout ratio is 20.48%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LNN. StockNews.com upgraded shares of Lindsay from a "hold" rating to a "buy" rating in a research report on Friday. Stifel Nicolaus raised their price objective on shares of Lindsay from $130.00 to $134.00 and gave the stock a "hold" rating in a report on Friday, April 4th.

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.