Cubist Systematic Strategies LLC Takes Position in Lindsay Corporation $LNN

Key Points

• Cubist Systematic Strategies LLC acquired 17,482 shares of Lindsay Corporation worth approximately $2.2 million, marking a new position in the company.
• CEO Brian L. Ketcham and Director Robert E. Brunner sold a combined total of 5,855 shares recently, indicating significant insider selling.
• Lindsay Corporation announced a quarterly dividend increase to $0.37, reflecting a commitment to returning value to shareholders.

Cubist Systematic Strategies LLC acquired a new position in Lindsay Corporation (NYSE:LNN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 17,482 shares of the industrial products company's stock, valued at approximately $2,212,000. Cubist Systematic Strategies LLC owned approximately 0.16% of Lindsay at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. KBC Group NV grew its stake in shares of Lindsay by 1.4% in the first quarter. KBC Group NV now owns 353,238 shares of the industrial products company's stock worth $44,692,000 after acquiring an additional 4,724 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Lindsay by 404.3% in the first quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company's stock worth $27,439,000 after acquiring an additional 173,872 shares during the last quarter. Invesco Ltd. grew its stake in shares of Lindsay by 3.0% in the first quarter. Invesco Ltd. now owns 161,672 shares of the industrial products company's stock worth $20,455,000 after acquiring an additional 4,783 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Lindsay by 5.5% in the first quarter. Wellington Management Group LLP now owns 154,191 shares of the industrial products company's stock worth $19,508,000 after acquiring an additional 8,069 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Lindsay by 1.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 140,766 shares of the industrial products company's stock worth $17,810,000 after acquiring an additional 2,674 shares during the last quarter. Institutional investors own 89.94% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus increased their target price on Lindsay from $128.00 to $136.00 and gave the stock a "hold" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $136.00.

Lindsay Stock Performance

Shares of Lindsay stock traded down $1.15 during trading on Friday, hitting $139.67. 120,171 shares of the company's stock traded hands, compared to its average volume of 77,607. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.64. Lindsay Corporation has a 1 year low of $112.14 and a 1 year high of $150.96. The stock has a market capitalization of $1.52 billion, a P/E ratio of 20.07 and a beta of 0.82. The business has a 50-day simple moving average of $138.44 and a 200-day simple moving average of $134.75.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.36 by $0.42. The company had revenue of $169.46 million for the quarter, compared to analysts' expectations of $157.87 million. Lindsay had a return on equity of 15.09% and a net margin of 11.21%.Lindsay's revenue was up 21.8% compared to the same quarter last year. During the same period last year, the firm posted $1.85 earnings per share. As a group, analysts forecast that Lindsay Corporation will post 5.82 EPS for the current year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 1.1%. Lindsay's payout ratio is 21.26%.

Insider Activity

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares of the company's stock, valued at approximately $1,434,394.89. This trade represents a 29.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert E. Brunner sold 1,856 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the completion of the transaction, the director directly owned 3,274 shares in the company, valued at $465,169.92. The trade was a 36.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,187 shares of company stock worth $1,049,162 over the last three months. Insiders own 1.70% of the company's stock.

Lindsay Profile

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.