Bank of New York Mellon Corp Acquires New Shares in Lindsay Corporation $LNN

Key Points

• Bank of New York Mellon acquired 95,873 Lindsay shares worth approximately $11.9 million, representing 0.94% of the company. Institutional investors collectively own 89.94% of Lindsay.
• Lindsay reported quarterly EPS of $1.53, beating estimates of $1.14, while revenue of $160.76 million exceeded expectations but declined 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share, equivalent to a 1.3% yield. Analysts maintain a consensus “Hold” rating with a $113 price target, below the stock’s $114.85 opening price.

Bank of New York Mellon Corp purchased a new position in Lindsay Corporation (NYSE:LNN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 95,873 shares of the industrial products company's stock, valued at approximately $11,869,000. Bank of New York Mellon Corp owned 0.94% of Lindsay as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Lindsay by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,046 shares of the industrial products company's stock worth $363,000 after purchasing an additional 120 shares in the last quarter. Sei Investments Co. raised its stake in shares of Lindsay by 2.3% during the 2nd quarter. Sei Investments Co. now owns 6,466 shares of the industrial products company's stock worth $933,000 after acquiring an additional 145 shares in the last quarter. Diversified Trust Co raised its stake in shares of Lindsay by 8.8% during the 1st quarter. Diversified Trust Co now owns 2,165 shares of the industrial products company's stock worth $258,000 after acquiring an additional 175 shares in the last quarter. Van ECK Associates Corp lifted its position in Lindsay by 11.3% during the third quarter. Van ECK Associates Corp now owns 1,739 shares of the industrial products company's stock valued at $244,000 after acquiring an additional 177 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Lindsay by 1.0% in the third quarter. Swiss National Bank now owns 21,000 shares of the industrial products company's stock valued at $2,952,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 89.94% of the company's stock.

Lindsay Trading Down 0.1%

Lindsay stock opened at $114.85 on Wednesday. The stock has a 50-day moving average price of $115.80 and a 200 day moving average price of $116.53. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 22.04 and a beta of 0.70. Lindsay Corporation has a 52 week low of $97.27 and a 52 week high of $148.00. The company has a quick ratio of 2.04, a current ratio of 2.93 and a debt-to-equity ratio of 0.23.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.14 by $0.39. The business had revenue of $160.76 million during the quarter, compared to analysts' expectations of $157.80 million. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The business's quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.78 EPS. Sell-side analysts anticipate that Lindsay Corporation will post 5.19 EPS for the current 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. The ex-dividend date was Monday, August 17th. This is a positive change from Lindsay's previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay's dividend payout ratio (DPR) is currently 29.17%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LNN shares. Zacks Research raised Lindsay from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Lindsay in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay has an average rating of "Hold" and a consensus target price of $113.00.

About Lindsay

Lindsay Corporation NYSE: LNN is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.

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