Corient IA LLC Buys New Position in Lindsay Corporation $LNN

Key Points

• Corient IA LLC acquired 3,000 shares of Lindsay Corporation, valued at approximately $380,000, during the first quarter.
• Director Robert E. Brunner and CFO Brian L. Ketcham sold significant portions of their shares, indicating a decrease in insider ownership.
• Lindsay Corporation raised its quarterly dividend from $0.36 to $0.37, reflecting a commitment to returning value to shareholders.

Corient IA LLC acquired a new stake in Lindsay Corporation (NYSE:LNN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,000 shares of the industrial products company's stock, valued at approximately $380,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in Lindsay by 0.7% in the 1st quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company's stock valued at $1,365,000 after purchasing an additional 76 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Lindsay by 55.8% in the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock worth $54,000 after acquiring an additional 154 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Lindsay by 1.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,588 shares of the industrial products company's stock worth $1,253,000 after acquiring an additional 177 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Lindsay by 12.8% in the 4th quarter. Hsbc Holdings PLC now owns 1,891 shares of the industrial products company's stock worth $225,000 after acquiring an additional 214 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Lindsay by 3.5% in the 4th quarter. MetLife Investment Management LLC now owns 6,611 shares of the industrial products company's stock worth $782,000 after acquiring an additional 222 shares during the last quarter. 89.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Robert E. Brunner sold 1,856 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total transaction of $263,700.48. Following the completion of the transaction, the director directly owned 3,274 shares in the company, valued at approximately $465,169.92. This represents a 36.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian L. Ketcham sold 3,999 shares of the stock in a transaction on 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 owned 9,621 shares of the company's stock, valued at approximately $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,187 shares of company stock valued at $1,049,162. Company insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus raised 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 investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $136.00.

Lindsay Trading Up 3.5%

Shares of NYSE LNN traded up $4.8250 during mid-day trading on Friday, reaching $143.0550. 118,564 shares of the company's stock were exchanged, compared to its average volume of 74,106. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 20.55 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. Lindsay Corporation has a 52-week low of $112.14 and a 52-week high of $150.96. The company's 50-day moving average is $138.99 and its 200-day moving average is $134.16.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.42. The business had revenue of $169.46 million during 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%.The company's revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.85 EPS. Analysts expect that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio (DPR) is currently 21.26%.

About Lindsay

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.