BlackRock Inc. Buys New Position in Lindsay Corporation $LNN

Key Points

• BlackRock acquired 1.77 million Lindsay shares in the second quarter, valued at approximately $219.4 million, giving it a 17.42% stake. Institutional investors collectively own nearly 90% of the company.
• Lindsay reported quarterly earnings of $1.53 per share, surpassing the $1.14 consensus estimate, while revenue declined 5.2% year over year to $160.8 million.
• The company raised its quarterly dividend to $0.38 per share, or $1.52 annually, for a 1.3% yield. Analysts maintain a consensus “Hold” rating with a $113 price target.

BlackRock Inc. acquired a new stake in Lindsay Corporation (NYSE:LNN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,771,897 shares of the industrial products company's stock, valued at approximately $219,361,000. BlackRock Inc. owned approximately 17.42% of Lindsay as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sei Investments Co. grew its stake in Lindsay by 161.9% in the first quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company's stock valued at $2,018,000 after acquiring an additional 10,477 shares during the period. KBC Group NV increased its stake in Lindsay by 15.0% during the 1st quarter. KBC Group NV now owns 268,896 shares of the industrial products company's stock valued at $32,017,000 after purchasing an additional 35,061 shares in the last quarter. John G Ullman & Associates Inc. lifted its stake in shares of Lindsay by 7.4% in the first quarter. John G Ullman & Associates Inc. now owns 88,410 shares of the industrial products company's stock valued at $10,527,000 after buying an additional 6,110 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Lindsay by 2,694.6% during the fourth quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company's stock valued at $3,498,000 after buying an additional 28,617 shares during the last quarter. Finally, WINTON GROUP Ltd increased its position in shares of Lindsay by 1,488.1% during the fourth quarter. WINTON GROUP Ltd now owns 32,017 shares of the industrial products company's stock worth $3,774,000 after acquiring an additional 30,001 shares in the last quarter. Institutional investors own 89.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Lindsay in a report on Tuesday, August 18th. Zacks Research raised shares of Lindsay from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Three analysts have 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 $113.00.

Lindsay Trading Down 0.0%

Shares of LNN stock opened at $114.11 on Friday. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 21.90 and a beta of 0.70. The company's fifty day simple moving average is $115.98 and its two-hundred day simple moving average is $116.94. Lindsay Corporation has a 1 year low of $97.27 and a 1 year high of $148.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a $0.38 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.52 annualized dividend and a yield of 1.3%. This is a boost from Lindsay's previous quarterly dividend of $0.37. Lindsay's dividend payout ratio is currently 29.17%.

Lindsay Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source