Norges Bank Purchases Shares of 12,469 Lindsay Co. (NYSE:LNN)

Norges Bank acquired a new position in Lindsay Co. (NYSE:LNN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,469 shares of the industrial products company's stock, valued at approximately $1,475,000. Norges Bank owned about 0.11% of Lindsay at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaQuest LLC acquired a new position in Lindsay during the 4th quarter worth $32,000. GAMMA Investing LLC lifted its position in shares of Lindsay by 90.3% during the 4th quarter. GAMMA Investing LLC now owns 276 shares of the industrial products company's stock worth $33,000 after purchasing an additional 131 shares during the last quarter. Global Retirement Partners LLC boosted its stake in Lindsay by 10.3% during the 4th quarter. Global Retirement Partners LLC now owns 925 shares of the industrial products company's stock valued at $109,000 after purchasing an additional 86 shares during the period. Van ECK Associates Corp grew its holdings in Lindsay by 73.1% in the 4th quarter. Van ECK Associates Corp now owns 1,475 shares of the industrial products company's stock valued at $175,000 after buying an additional 623 shares during the last quarter. Finally, Gitterman Wealth Management LLC increased its position in Lindsay by 6.1% in the 4th quarter. Gitterman Wealth Management LLC now owns 1,753 shares of the industrial products company's stock worth $207,000 after buying an additional 101 shares during the period. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on LNN shares. StockNews.com upgraded shares of Lindsay from a "hold" rating to a "buy" rating in a research note on Friday. Stifel Nicolaus raised their price target on shares of Lindsay from $130.00 to $134.00 and gave the stock a "hold" rating in a research report on Friday, April 4th.

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Lindsay Stock Performance

LNN traded up $0.93 on Tuesday, hitting $128.37. 98,379 shares of the stock traded hands, compared to its average volume of 86,774. The business has a fifty day moving average price of $129.16 and a two-hundred day moving average price of $126.95. The company has a current ratio of 3.87, a quick ratio of 2.65 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 $140.27. The firm has a market capitalization of $1.39 billion, a PE ratio of 20.60 and a beta of 0.72.

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

Lindsay Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 1.12%. Lindsay's dividend payout ratio (DPR) is currently 20.48%.

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.