Insider Selling: Lindsay (NYSE:LNN) CAO Sells $49,351.50 in Stock

Lindsay Corporation (NYSE:LNN) CAO Brett Richard Coburn sold 450 shares of the business’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $109.67, for a total value of $49,351.50. Following the transaction, the chief accounting officer directly owned 1,641 shares of the company’s stock, valued at $179,968.47. The trade was a 21.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Lindsay Price Performance

Shares of LNN stock traded down $0.68 during trading on Friday, hitting $107.37. The company had a trading volume of 161,947 shares, compared to its average volume of 163,814. The stock’s 50-day moving average is $112.13 and its two-hundred day moving average is $116.21. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 20.18 and a beta of 0.73. The company has a quick ratio of 2.25, a current ratio of 3.15 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a 52 week low of $97.27 and a 52 week high of $148.00.

Lindsay (NYSE:LNN) last announced its earnings results on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.12. Lindsay had a net margin of 8.75% and a return on equity of 10.96%. The business had revenue of $161.57 million during the quarter, compared to analyst estimates of $147.56 million. During the same period in the previous year, the business posted $0.99 earnings per share. Lindsay’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, analysts predict that Lindsay Corporation will post 4.70 EPS for the current fiscal year.

Lindsay Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be given a dividend of $0.38 per share. The ex-dividend date is Monday, November 16th. This represents a $1.52 annualized dividend and a dividend yield of 1.4%. Lindsay’s dividend payout ratio (DPR) is 28.57%.

Institutional Trading of Lindsay

Several hedge funds have recently added to or reduced their stakes in LNN. BlackRock Inc. bought a new position in shares of Lindsay in the second quarter worth approximately $219,361,000. Legal & General Group Plc purchased a new position in shares of Lindsay in the second quarter worth $23,537,000. Nuance Investments LLC purchased a new position in shares of Lindsay in the second quarter worth $22,195,000. Amundi increased its stake in shares of Lindsay by 64.4% in the second quarter. Amundi now owns 423,312 shares of the industrial products company’s stock worth $52,376,000 after buying an additional 165,745 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Lindsay during the 2nd quarter valued at $11,869,000. 89.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on LNN shares. Stifel Nicolaus dropped their price objective on shares of Lindsay from $121.00 to $119.00 and set a “hold” rating for the company in a report on Friday, October 23rd. Weiss Ratings cut Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 16th. Finally, Zacks Research cut Lindsay from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $119.00.

About Lindsay

Lindsay Corporation is a manufacturer of irrigation and infrastructure equipment. Founded in 1955 and headquartered in Omaha, Nebraska, the company is best known for its Zimmatic center-pivot and lateral-move irrigation systems, which help farmers apply water to crops. Its agricultural technology offerings also include FieldNET, a platform for remotely monitoring and controlling irrigation equipment. Lindsay’s infrastructure business supplies products and systems for transportation safety and traffic management.