Lindsay Corporation (NYSE:LNN) Declares Quarterly Dividend of $0.38

Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Monday, July 6th. Stockholders of record on Monday, August 17th will be given a dividend of 0.38 per share by the industrial products company on Monday, August 31st. This represents a c) dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, August 17th. This is a 2.7% increase from Lindsay’s previous quarterly dividend of $0.37.

Lindsay has raised its dividend by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 22 years. Lindsay has a dividend payout ratio of 22.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Lindsay to earn $5.93 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 25.0%.

Lindsay Stock Performance

Shares of Lindsay stock traded down $4.58 on Monday, hitting $117.54. The stock had a trading volume of 323,013 shares, compared to its average volume of 175,718. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 23.44 and a beta of 0.69. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. Lindsay has a 52-week low of $97.27 and a 52-week high of $148.76. The company’s 50 day moving average price is $113.48 and its 200 day moving average price is $119.42.

Lindsay (NYSE:LNN) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The firm had revenue of $160.76 million for the quarter, compared to the consensus estimate of $157.80 million. During the same quarter last year, the business posted $1.78 EPS. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, research analysts anticipate that Lindsay will post 5.19 EPS for the current year.

Hedge Funds Weigh In On Lindsay

Large investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Lindsay in the fourth quarter valued at $25,000. Advisory Services Network LLC acquired a new stake in Lindsay in the 3rd quarter valued at about $30,000. Parallel Advisors LLC increased its holdings in Lindsay by 1,295.8% during the 1st quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 311 shares in the last quarter. Copeland Capital Management LLC acquired a new position in Lindsay during the fourth quarter worth about $62,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Lindsay in the fourth quarter valued at about $83,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Company 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.