Chatham Capital Group Inc. Makes New Investment in Lindsay Corporation $LNN

Chatham Capital Group Inc. acquired a new stake in shares of Lindsay Corporation (NYSE:LNN) in the third quarter, HoldingsChannel.com reports. The fund acquired 12,270 shares of the industrial products company’s stock, valued at approximately $1,725,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. USA Financial Formulas bought a new position in Lindsay in the 2nd quarter worth $26,000. State of Wyoming purchased a new stake in Lindsay in the first quarter worth about $52,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Lindsay in the second quarter worth about $159,000. Corient Private Wealth LLC purchased a new position in shares of Lindsay during the 2nd quarter valued at about $217,000. Finally, Diversified Trust Co purchased a new position in shares of Lindsay during the 2nd quarter valued at about $217,000. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LNN has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $122.00 target price on shares of Lindsay in a research note on Friday, October 24th. Wall Street Zen cut shares of Lindsay from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Lindsay in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $122.00.

Lindsay Trading Down 1.8%

Lindsay stock opened at $117.83 on Wednesday. Lindsay Corporation has a 1 year low of $106.10 and a 1 year high of $150.96. The firm’s 50 day moving average price is $116.93 and its 200-day moving average price is $131.10. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.71 and a quick ratio of 2.76. The stock has a market cap of $1.25 billion, a P/E ratio of 17.38 and a beta of 0.83.

Lindsay (NYSE:LNN) last posted its earnings results on Thursday, October 23rd. The industrial products company reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.05). The company had revenue of $153.56 million for the quarter, compared to analysts’ expectations of $156.91 million. Lindsay had a net margin of 10.95% and a return on equity of 14.33%. The business’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share. On average, equities analysts predict that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, November 14th. Lindsay’s payout ratio is 21.83%.

Lindsay Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.