Gabelli Funds LLC Sells 1,000 Shares of Lindsay Co. (NYSE:LNN)

Gabelli Funds LLC decreased its holdings in Lindsay Co. (NYSE:LNN) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,200 shares of the industrial products company’s stock after selling 1,000 shares during the period. Gabelli Funds LLC owned about 0.27% of Lindsay worth $3,553,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Lindsay by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 312,084 shares of the industrial products company’s stock worth $40,310,000 after purchasing an additional 14,738 shares during the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in shares of Lindsay in the 4th quarter worth $1,597,000. Heartland Advisors Inc. boosted its stake in shares of Lindsay by 26.8% in the 1st quarter. Heartland Advisors Inc. now owns 53,003 shares of the industrial products company’s stock worth $6,236,000 after buying an additional 11,207 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Lindsay by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,279,819 shares of the industrial products company’s stock worth $165,301,000 after acquiring an additional 17,261 shares during the period. Finally, Norges Bank purchased a new stake in Lindsay during the fourth quarter valued at $10,751,000. Institutional investors own 89.94% of the company’s stock.

Insiders Place Their Bets

In related news, insider James Scott Marion sold 700 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.00, for a total transaction of $83,300.00. Following the completion of the sale, the insider now owns 6,278 shares in the company, valued at $747,082. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by company insiders.

Lindsay Stock Performance

LNN traded up $1.50 during midday trading on Friday, reaching $124.90. The company had a trading volume of 111,233 shares, compared to its average volume of 112,322. Lindsay Co. has a 1 year low of $106.46 and a 1 year high of $137.31. The company has a quick ratio of 2.56, a current ratio of 3.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $1.36 billion, a P/E ratio of 18.95 and a beta of 0.62. The business has a 50-day moving average of $116.41 and a two-hundred day moving average of $119.51.

Lindsay (NYSE:LNN) last released its earnings results on Thursday, June 27th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.68. The company had revenue of $139.20 million during the quarter, compared to analyst estimates of $144.38 million. Lindsay had a net margin of 11.75% and a return on equity of 14.41%. The firm’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.53 EPS. As a group, equities research analysts predict that Lindsay Co. will post 5.44 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.44 annualized dividend and a yield of 1.15%. This is an increase from Lindsay’s previous quarterly dividend of $0.35. Lindsay’s dividend payout ratio is currently 21.24%.

Wall Street Analysts Forecast Growth

LNN has been the subject of a number of recent research reports. StockNews.com downgraded Lindsay from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. Northcoast Research raised shares of Lindsay from a “neutral” rating to a “buy” rating and set a $142.00 target price for the company in a report on Friday, April 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $138.33.

Lindsay 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.