Mutual of America Capital Management LLC has reduced its holdings in Lindsay Corporation (NYSE:LNN) by 11.8% in the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission (SEC), the fund now owns 1,396 shares of the industrial products company after selling 187 shares during this period. At the end of the quarter, these shares were valued at approximately $201,000.
Other institutional investors have also adjusted their positions in Lindsay Corporation. GAMMA Investing LLC increased its stake by 55.8% during the first quarter, now holding 430 shares worth about $54,000 after acquiring an additional 154 shares. Assenagon Asset Management S.A. entered the market with a new stake valued at $1,421,000 in the second quarter, while Integrity Alliance LLC purchased shares worth approximately $290,000 in the first quarter.
Additionally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings by an impressive 82.2%, now owning 42,626 shares valued at $5,393,000. UniSuper Management Pty Ltd also acquired a new stake worth around $782,000. Currently, 89.94% of Lindsay Corporation’s stock is owned by institutional investors.
Market Performance and Financial Results
On October 23, 2023, Lindsay Corporation released its quarterly earnings, reporting $0.99 earnings per share (EPS), which fell short of analysts’ consensus estimate of $1.04 by $0.05. The company’s revenue for the quarter was $153.56 million, below the expected $156.91 million. This represents a 0.9% decrease compared to the same period in the previous year, when the company reported $1.17 EPS.
As of the latest trading session, Lindsay Corporation’s stock opened at $110.00. It has experienced a 52-week low of $108.70 and a high of $150.96. The firm has a market capitalization of $1.19 billion, a price-to-earnings (P/E) ratio of 16.22, and a beta of 0.82. Financial analysts project that Lindsay Corporation will achieve 5.82 EPS for the current year.
Dividend Announcement and Analyst Ratings
In related news, Lindsay Corporation announced a quarterly dividend of $0.37 per share, scheduled for payment on November 28, 2023. Shareholders on record as of November 14, 2023 will receive this dividend, representing an annualized total of $1.48 and a yield of 1.3%. The company currently has a dividend payout ratio of 21.83%.
Research analysts have recently provided insights into Lindsay’s stock performance. Stifel Nicolaus set a price target of $122.00 on Lindsay shares, while Weiss Ratings reaffirmed a “hold (c+)” rating. Additionally, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating. As per data from MarketBeat.com, the consensus rating for the company is currently “Hold,” with a target price of $122.00.
In insider trading news, Robert E. Brunner, a director at Lindsay Corporation, sold 1,856 shares on August 13, 2023, at an average price of $142.08, totaling $263,700.48. This transaction has reduced his ownership to 3,274 shares, valued at approximately $465,169.92, marking a 36.18% decrease in his position.
Lindsay Corporation, with its subsidiaries, specializes in water management and road infrastructure products and services, operating in the United States and internationally. The company is divided into two main segments: Irrigation and Infrastructure, producing a variety of systems and equipment under well-known brands.
As market dynamics shift, stakeholders and analysts will closely monitor Lindsay Corporation’s performance as it navigates through these changes.
