Bank of America Corp DE Buys 34,598 Shares of Lindsay Corporation $LNN

Key Points

• Bank of America acquired 34,598 Lindsay shares during the second quarter, valued at approximately $4.28 million and representing about 0.34% of the company. Institutional investors collectively own nearly 90% of Lindsay’s stock.
• Lindsay’s latest quarterly results exceeded expectations, with EPS of $1.53 versus the $1.14 consensus estimate and revenue of $160.76 million. However, revenue declined 5.2% year over year.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a $121 price target. Lindsay also raised its quarterly dividend to $0.38 per share, equating to a 1.3% annual yield.

Bank of America Corp DE purchased a new stake in shares of Lindsay Corporation (NYSE:LNN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 34,598 shares of the industrial products company's stock, valued at approximately $4,283,000. Bank of America Corp DE owned about 0.34% of Lindsay at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in shares of Lindsay by 1,295.8% in the first quarter. Parallel Advisors LLC now owns 335 shares of the industrial products company's stock worth $40,000 after purchasing an additional 311 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Lindsay in the second quarter worth $128,000. Cullen Capital Management LLC purchased a new position in shares of Lindsay in the second quarter valued at $228,000. Pictet Asset Management Holding SA purchased a new stake in Lindsay during the 1st quarter worth about $248,000. Finally, Diversified Trust Co boosted its stake in Lindsay by 8.8% in the 1st quarter. Diversified Trust Co now owns 2,165 shares of the industrial products company's stock worth $258,000 after purchasing an additional 175 shares during the period. Hedge funds and other institutional investors own 89.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings raised shares of Lindsay from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, September 2nd. Zacks Research lowered Lindsay from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 1st. Finally, Stifel Nicolaus set a $121.00 price target on shares of Lindsay in a report on Thursday. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $121.00.

Lindsay Stock Performance

Shares of NYSE LNN opened at $113.95 on Tuesday. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 21.87 and a beta of 0.70. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a 1-year low of $97.27 and a 1-year high of $148.00. The stock's 50-day moving average is $115.78 and its 200 day moving average is $114.44.

Lindsay (NYSE:LNN - Get Free Report) last issued its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.39. The business had revenue of $160.76 million during the quarter, compared to analyst estimates of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.Lindsay's revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.78 earnings per share. On average, sell-side analysts anticipate that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were paid a $0.38 dividend. This is a boost from Lindsay's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay's dividend payout ratio is presently 29.17%.

Lindsay Company Profile

Lindsay Corporation NYSE: LNN is a provider of irrigation and infrastructure products and services. Its irrigation business develops and manufactures center-pivot and lateral-move irrigation systems under the Zimmatic brand, along with irrigation automation, monitoring and management technologies designed to help growers apply water more efficiently. The company also offers related agricultural products and services, including FieldNET remote irrigation management and control solutions.

Through its infrastructure business, Lindsay supplies road-safety and transportation products, including the Road Zipper System, which uses movable barriers to reconfigure highway lanes, as well as highway guardrail, crash-cushion and other roadway safety systems.

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