Corient IA LLC Acquires Shares of 3,000 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 bought a new position in Lindsay Corporation (NYSE:LNN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,000 shares of the industrial products company's stock, valued at approximately $380,000.

A number of other institutional investors have also bought and sold shares of the business. American Century Companies Inc. lifted its stake in Lindsay by 4.7% in the 1st quarter. American Century Companies Inc. now owns 45,867 shares of the industrial products company's stock worth $5,803,000 after purchasing an additional 2,065 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Lindsay by 27.4% in the 1st quarter. Public Sector Pension Investment Board now owns 34,430 shares of the industrial products company's stock worth $4,356,000 after purchasing an additional 7,400 shares in the last quarter. Nuveen LLC purchased a new position in Lindsay in the 1st quarter worth approximately $4,593,000. Invesco Ltd. raised its position in shares of Lindsay by 3.0% during the 1st quarter. Invesco Ltd. now owns 161,672 shares of the industrial products company's stock valued at $20,455,000 after buying an additional 4,783 shares during the period. Finally, Mutual of America Capital Management LLC purchased a new stake in shares of Lindsay during the 1st quarter valued at approximately $200,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Down 0.3%

Shares of NYSE:LNN traded down $0.4170 during trading on Thursday, hitting $138.1130. The company's stock had a trading volume of 60,788 shares, compared to its average volume of 97,043. The business has a 50 day moving average price of $138.77 and a two-hundred day moving average price of $134.03. The company has a market capitalization of $1.50 billion, a PE ratio of 19.84 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 fifty-two week low of $112.14 and a fifty-two week high of $150.96.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, August 15th. This is an increase from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.1%. Lindsay's payout ratio is presently 21.26%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total transaction of $596,210.91. Following the completion of the transaction, the chief financial officer owned 9,621 shares in the company, valued at approximately $1,434,394.89. The trade was 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 the SEC website. Also, Director Robert E. Brunner sold 1,856 shares of the business's 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 transaction, the director owned 3,274 shares of the company's stock, valued at approximately $465,169.92. The trade was a 36.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,187 shares of company stock valued at $1,049,162. 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.