Advisors Asset Management Inc. Sells 4,161 Shares of Lindsay Corporation $LNN

Key Points

• Advisors Asset Management Inc. reduced its position in Lindsay Corporation by 53.9%, selling 4,161 shares and holding a total of 3,557 shares worth $450,000.
• Multiple institutional investors increased their stakes in Lindsay, with Zurcher Kantonalbank raising its position by 82.2%, now owning 42,626 shares valued at $5,393,000.
• Lindsay announced a quarterly dividend increase from $0.36 to $0.37 per share, reflecting a 1.1% yield and a payout ratio of 21.26%.

Advisors Asset Management Inc. lowered its position in Lindsay Corporation (NYSE:LNN - Free Report) by 53.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,557 shares of the industrial products company's stock after selling 4,161 shares during the quarter. Advisors Asset Management Inc.'s holdings in Lindsay were worth $450,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in LNN. GAMMA Investing LLC increased its stake in 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 buying an additional 154 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Lindsay by 82.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,626 shares of the industrial products company's stock worth $5,393,000 after buying an additional 19,233 shares during the period. Victory Capital Management Inc. increased 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 worth $1,365,000 after buying an additional 76 shares during the period. Mutual of America Capital Management LLC purchased a new position in Lindsay in the 1st quarter worth about $200,000. Finally, Deutsche Bank AG increased its stake in Lindsay by 48.5% in the 4th quarter. Deutsche Bank AG now owns 10,572 shares of the industrial products company's stock worth $1,251,000 after buying an additional 3,454 shares during the period. Hedge funds and other institutional investors own 89.94% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Lindsay

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $142.08, for a total value of $263,700.48. Following the completion of the sale, the director directly owned 3,274 shares in the company, valued at $465,169.92. This trade represents a 36.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian L. Ketcham sold 3,999 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,187 shares of company stock valued at $1,049,162. 1.70% of the stock is owned by insiders.

Lindsay Stock Down 0.3%

Shares of Lindsay stock opened at $137.62 on Thursday. 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 firm's 50-day moving average is $138.76 and its two-hundred day moving average is $134.65. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 19.77 and a beta of 0.82.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $0.37 per share. 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 dividend on an annualized basis and a yield of 1.1%. Lindsay's dividend payout ratio is currently 21.26%.

Lindsay Company 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.

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