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

A number of other large investors have also bought and sold shares of the stock. KBC Group NV raised its holdings in shares of Lindsay by 1.4% during the first quarter. KBC Group NV now owns 353,238 shares of the industrial products company's stock valued at $44,692,000 after purchasing an additional 4,724 shares during the period. Jennison Associates LLC increased its position in Lindsay by 404.3% in the 1st quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company's stock valued at $27,439,000 after buying an additional 173,872 shares in the last quarter. Invesco Ltd. raised its stake in Lindsay by 3.0% during the 1st quarter. Invesco Ltd. now owns 161,672 shares of the industrial products company's stock worth $20,455,000 after buying an additional 4,783 shares during the period. Wellington Management Group LLP raised its stake in Lindsay by 5.5% during the 1st quarter. Wellington Management Group LLP now owns 154,191 shares of the industrial products company's stock worth $19,508,000 after buying an additional 8,069 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 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 in the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Robert E. Brunner sold 1,856 shares of the firm'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 completion of the sale, the director directly owned 3,274 shares of the company's stock, valued at $465,169.92. This trade represents a 36.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian L. Ketcham sold 3,999 shares of Lindsay 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 sale, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. The trade was a 29.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,187 shares of company stock valued at $1,049,162 over the last ninety days. 1.70% of the stock is currently owned by company insiders.

Lindsay Stock Up 0.4%

NYSE:LNN traded up $0.62 during trading hours on Tuesday, hitting $140.43. 99,410 shares of the company traded hands, compared to its average volume of 78,961. The company has a quick ratio of 2.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.22. The company has a market cap of $1.53 billion, a PE ratio of 20.18 and a beta of 0.82. The firm's 50-day simple moving average is $138.22 and its 200-day simple moving average is $134.87. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96.

Lindsay (NYSE:LNN - Get Free Report) last announced its earnings results 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. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The company had revenue of $169.46 million during the quarter, compared to the consensus estimate of $157.87 million. During the same quarter in the prior year, the company posted $1.85 earnings per share. The firm's revenue for the quarter was up 21.8% on a year-over-year basis. Equities analysts predict that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

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

Wall Street Analyst Weigh In

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

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.