Oppenheimer & Co. Inc. purchased a new position in Lindsay Manufacturing (NYSE:LNN) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 9,470 shares of the industrial products company’s stock, valued at approximately $866,000. Oppenheimer & Co. Inc. owned about 0.09% of Lindsay Manufacturing at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elkfork Partners LLC acquired a new position in Lindsay Manufacturing during the fourth quarter valued at $136,000. Jane Street Group LLC purchased a new stake in Lindsay Manufacturing during the 4th quarter valued at about $248,000. Teacher Retirement System of Texas purchased a new stake in Lindsay Manufacturing during the 4th quarter valued at about $327,000. MetLife Investment Advisors LLC purchased a new stake in shares of Lindsay Manufacturing in the 4th quarter valued at approximately $405,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Lindsay Manufacturing in the 4th quarter valued at approximately $503,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.
Lindsay Manufacturing opened at $97.70 on Friday, MarketBeat Ratings reports. Lindsay Manufacturing has a 1 year low of $83.16 and a 1 year high of $100.40. The company has a quick ratio of 2.01, a current ratio of 3.00 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $1.05 billion, a P/E ratio of 45.02 and a beta of 0.34.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Investors of record on Thursday, May 17th will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, May 16th. This represents a $1.20 dividend on an annualized basis and a yield of 1.23%. Lindsay Manufacturing’s dividend payout ratio is presently 55.30%.
Several analysts have recently weighed in on LNN shares. Seaport Global Securities reissued a “hold” rating on shares of Lindsay Manufacturing in a research note on Monday, April 2nd. Boenning Scattergood raised shares of Lindsay Manufacturing from a “neutral” rating to an “outperform” rating in a research report on Thursday, March 29th. Finally, Stifel Nicolaus increased their target price on shares of Lindsay Manufacturing from $92.00 to $94.00 and gave the company a “hold” rating in a research report on Monday, April 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $96.00.
Lindsay Manufacturing Profile
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company's Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.
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