Sei Investments Co. Increases Stock Position in Lindsay Corporation $LNN

Sei Investments Co. lifted its holdings in Lindsay Corporation (NYSE:LNN) by 161.9% during the first quarter, Holdings Channel reports. The institutional investor owned 16,948 shares of the industrial products company’s stock after acquiring an additional 10,477 shares during the quarter. Sei Investments Co.’s holdings in Lindsay were worth $2,018,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Nuance Investments LLC boosted its stake in Lindsay by 293.5% during the fourth quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock worth $21,048,000 after acquiring an additional 133,190 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Lindsay in the 4th quarter worth approximately $13,994,000. Amundi boosted its position in shares of Lindsay by 39.4% in 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. grew its stake in shares of Lindsay by 32.6% in the 3rd 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 during the last quarter. Finally, Marshall Wace LLP bought a new position in Lindsay during the 2nd quarter valued at approximately $6,670,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Price Performance

NYSE LNN opened at $116.19 on Monday. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00. The stock has a 50-day moving average of $115.85 and a 200 day moving average of $118.14. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 22.30 and a beta of 0.70.

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

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, August 17th. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.3%. Lindsay’s dividend payout ratio is presently 28.41%.

Analysts Set New Price Targets

Several equities research analysts have commented on LNN shares. Zacks Research raised Lindsay from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Weiss Ratings downgraded Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Lindsay currently has a consensus rating of “Hold” and a consensus price target of $113.00.

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.