Lindsay Corporation (LNN) to Issue Quarterly Dividend of $0.37 on May 29th

Lindsay Corporation (NYSE:LNN) announced a quarterly dividend on Wednesday, April 1st. Investors of record on Friday, May 15th will be paid a dividend of 0.37 per share by the industrial products company on Friday, May 29th. This represents a c) annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, May 15th.

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 payout ratio of 22.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 1.5%

Shares of NYSE LNN traded down $1.65 during mid-day trading on Wednesday, hitting $106.42. The company had a trading volume of 66,317 shares, compared to its average volume of 141,024. The company has a market capitalization of $1.11 billion, a PE ratio of 19.55 and a beta of 0.73. The business’s 50-day simple moving average is $115.43 and its 200 day simple moving average is $119.41. Lindsay has a 1-year low of $97.27 and a 1-year high of $150.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.02 and a quick ratio of 2.15.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The company had revenue of $157.72 million for the quarter, compared to analysts’ expectations of $163.52 million. During the same quarter last year, the company earned $2.44 EPS. Lindsay’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, analysts predict that Lindsay will post 5.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LNN. Nuance Investments LLC raised its holdings in shares of Lindsay by 293.5% in the fourth quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock valued at $21,048,000 after buying an additional 133,190 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Lindsay during the 4th quarter worth approximately $13,994,000. Amundi boosted its position in shares of Lindsay by 39.4% during the 4th quarter. Amundi now owns 269,817 shares of the industrial products company’s stock worth $31,843,000 after purchasing an additional 76,292 shares in the last quarter. Invesco Ltd. boosted its holdings in Lindsay by 32.6% during the third quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock worth $28,953,000 after buying an additional 50,671 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Lindsay during the 2nd quarter worth approximately $6,670,000. Hedge funds and other institutional investors own 89.94% of the company’s stock.

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.