Lindsay Corporation (LNN) Jumps 10% On Q3 Beat: What Do Hedge Funds Think About Lindsay Corporation?

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Chuck Royce‘s Royce & Associates had the most valuable position in Lindsay Corporation (NYSE:LNN), worth close to $60.3 million or 790,282 shares, amounting to 0.2% of its total 13F portfolio. Coming in second is Joel Greenblatt of Gotham Asset Management, with a $17.4 million position in 228,458 shares; 0.1% of its 13F portfolio is allocated to the stock. Some other hedge funds with similar optimism encompass Ian Simm’s Impax Asset Management, Jim Simons’s Renaissance Technologies and Ken Griffin’s Citadel Investment Group.

Because Lindsay Corporation (NYSE:LNN) has faced falling interest from the aggregate hedge fund industry, we can see that there were a few hedgies who were dropping their full holdings in first quarter. It’s worth mentioning that David Gallo‘s Valinor Management LLC cut the largest position of all the hedgies followed by Insider Monkey: 132,238 shares valued at about $11.3 million. Israel Englander’s fund, Millennium Management, also cut its 36,189 shares worth about $3.1 million. These moves are interesting, as aggregate hedge fund interest fell by 2 funds in first quarter.

Despite the stock’s lackluster performance over the last 12 months and year-to-date, some may argue that the better-than-expected third quarter is a good sign for Lindsay Corporation. In fact, the market is reacting this way evidenced by the stock’s surge today. However, we see that the number of hedge funds with long positions in the company has decreased by the end of the first quarter. This is generally a bearish sign in our experience. Nonetheless, it should be noted that the decrease in total value of holdings was generally offset by the stock’s decline in the first quarter. Even so, with the lack of strong bullish signs in favor of the company, we can’t recommend a buy and maintain a neutral outlook on Lindsay Corporation (NYSE:LNN).

Disclosure: None

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