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

Key Points

• Lindsay declared a quarterly dividend of $0.38 per share, payable November 30 to shareholders of record November 16. The dividend equates to $1.52 annually and a 1.4% yield.
• The dividend appears well covered, with a current payout ratio of 23.1% and an expected forward payout ratio of 27.0% based on projected earnings.
• Lindsay exceeded quarterly expectations, reporting $1.10 in EPS versus the $0.98 consensus and revenue of $161.57 million versus $147.56 million expected; institutional investors own nearly 90% of the stock.

Lindsay Corporation (NYSE:LNN - Get Free Report) declared a quarterly dividend on Friday, October 23rd. Stockholders of record on Monday, November 16th will be given a dividend of $0.38 per share by the industrial products company on Monday, November 30th. This represents a $1.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, November 16th.

Lindsay has a dividend payout ratio of 23.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lindsay to earn $5.64 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 27.0%.

Lindsay Stock Performance

NYSE:LNN traded down $6.37 during mid-day trading on Friday, hitting $105.62. The stock had a trading volume of 266,133 shares, compared to its average volume of 155,570. The company has a 50 day simple moving average of $114.96 and a 200-day simple moving average of $113.72. Lindsay has a 52 week low of $97.27 and a 52 week high of $148.00. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 20.27 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 (NYSE:LNN - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The industrial products company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.12. The company had revenue of $161.57 million for the quarter, compared to analyst estimates of $147.56 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.99 earnings per share. On average, research analysts expect that Lindsay will post 5.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC raised its holdings in Lindsay by 1.8% in the 3rd quarter. Inspire Investing LLC now owns 5,686 shares of the industrial products company's stock worth $637,000 after acquiring an additional 100 shares during the period. Cardinal Capital Management grew its position in shares of Lindsay by 6.8% in the third quarter. Cardinal Capital Management now owns 19,653 shares of the industrial products company's stock valued at $2,200,000 after purchasing an additional 1,249 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Lindsay by 86.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 512 shares of the industrial products company's stock worth $57,000 after buying an additional 237 shares during the period. CWA Asset Management Group LLC lifted its holdings in shares of Lindsay by 22.3% during the third quarter. CWA Asset Management Group LLC now owns 63,340 shares of the industrial products company's stock worth $7,090,000 after buying an additional 11,555 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Lindsay by 1.3% during the third quarter. Assenagon Asset Management S.A. now owns 10,744 shares of the industrial products company's stock worth $1,203,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 89.94% of the company's stock.

About Lindsay

Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company's irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water.

Lindsay's irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely.

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