Ieq Capital LLC Purchases New Position in Lindsay Corporation $LNN

Ieq Capital LLC bought a new stake in Lindsay Corporation (NYSE:LNN) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 13,686 shares of the industrial products company’s stock, valued at approximately $1,694,000. Ieq Capital LLC owned 0.13% of Lindsay as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Lindsay in the 2nd quarter valued at approximately $219,361,000. Nuance Investments LLC purchased a new stake in shares of Lindsay during the second quarter worth approximately $22,195,000. Wellington Management Group LLP acquired a new stake in shares of Lindsay during the fourth quarter worth $13,994,000. Bank of New York Mellon Corp acquired a new stake in shares of Lindsay during the second quarter worth $11,869,000. Finally, Amundi grew its position in Lindsay by 39.4% in the 4th quarter. Amundi now owns 269,817 shares of the industrial products company’s stock valued at $31,843,000 after buying an additional 76,292 shares during the last quarter. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LNN has been the topic of several recent research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Lindsay in a research note on Tuesday, August 18th. Zacks Research raised shares of Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $113.00.

Lindsay Stock Down 1.2%

LNN opened at $114.81 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. The business has a 50 day simple moving average of $116.13 and a 200-day simple moving average of $117.21. The stock has a market capitalization of $1.17 billion, a P/E ratio of 22.04 and a beta of 0.70. Lindsay Corporation has a 12 month low of $97.27 and a 12 month high of $148.00.

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

Lindsay Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.38 per share. This is a boost from Lindsay’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay’s dividend payout ratio is currently 29.17%.

About Lindsay

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.