Credit Agricole S A Purchases 2,614 Shares of Lindsay Corporation $LNN

Key Points

• Credit Agricole S A increased its stake in Lindsay Corporation by 15.2% in the first quarter, acquiring an additional 2,614 shares, which brings its total ownership to approximately 19,862 shares worth about $2.5 million.
• Lindsay Corporation has updated its quarterly dividend to $0.37 per share, reflecting an increase from the previous dividend of $0.36, and a yield of 1.0% for investors.
• The company's earnings report showcased a significant growth in revenue, reaching $169.46 million, beating analyst expectations by more than $11 million, and an EPS of $1.78 against a forecast of $1.36.

Credit Agricole S A increased its stake in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 15.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,862 shares of the industrial products company's stock after purchasing an additional 2,614 shares during the period. Credit Agricole S A owned approximately 0.18% of Lindsay worth $2,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in shares of Lindsay during the first quarter valued at approximately $31,000. GAMMA Investing LLC raised its holdings in shares of Lindsay by 55.8% during the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 154 shares during the last quarter. Mutual of America Capital Management LLC purchased a new position in shares of Lindsay during the first quarter valued at approximately $200,000. Tower Research Capital LLC TRC raised its holdings in shares of Lindsay by 729.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company's stock valued at $202,000 after purchasing an additional 1,503 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Lindsay during the first quarter valued at approximately $221,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of the company'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 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 approximately $465,169.92. This represents a 36.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian L. Ketcham sold 3,999 shares of the company'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 sale, the chief financial officer directly owned 9,621 shares of the company's stock, valued at approximately $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,187 shares of company stock valued at $1,049,162. 1.70% of the stock is owned by corporate insiders.

Lindsay Stock Performance

LNN stock traded down $1.86 during midday trading on Friday, reaching $137.56. 23,907 shares of the company's stock traded hands, compared to its average volume of 96,524. Lindsay Corporation has a 52-week low of $112.14 and a 52-week high of $150.96. The stock has a market cap of $1.49 billion, a P/E ratio of 19.72 and a beta of 0.81. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. The stock's 50-day moving average is $139.35 and its 200 day moving average is $134.40.

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 analysts' consensus estimates of $1.36 by $0.42. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The business had revenue of $169.46 million during the quarter, compared to analysts' expectations of $157.87 million. During the same period in the prior year, the company earned $1.85 earnings per share. The firm's revenue was up 21.8% on a year-over-year basis. As a group, analysts anticipate that Lindsay Corporation will post 5.82 EPS for the current year.

Lindsay Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.37 per share. This is an increase 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%. The ex-dividend date of this dividend is Friday, August 15th. Lindsay's dividend payout ratio is currently 21.26%.

About Lindsay

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.