Deutsche Bank AG Takes Position in Lindsay Corporation $LNN

Key Points

• Deutsche Bank acquired 12,276 Lindsay shares worth approximately $1.52 million during the second quarter, while institutional investors collectively owned 89.94% of the company.
• Lindsay exceeded quarterly earnings expectations, reporting $1.53 in EPS and $160.76 million in revenue, although revenue declined 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share, equal to an annualized $1.52 payout and a 1.3% yield; analysts maintain a consensus “Hold” rating with a $113 price target.

Deutsche Bank AG acquired a new position in shares of Lindsay Corporation (NYSE:LNN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,276 shares of the industrial products company's stock, valued at approximately $1,520,000. Deutsche Bank AG owned approximately 0.12% of Lindsay at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of LNN. State Street Corp increased its holdings in Lindsay by 5.6% during the second quarter. State Street Corp now owns 473,772 shares of the industrial products company's stock valued at $68,342,000 after buying an additional 25,251 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Lindsay by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company's stock valued at $41,953,000 after purchasing an additional 6,748 shares during the last quarter. Amundi increased its position in Lindsay by 39.4% in the fourth quarter. Amundi now owns 269,817 shares of the industrial products company's stock worth $31,843,000 after purchasing an additional 76,292 shares during the last quarter. KBC Group NV increased its position in shares of 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 during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Lindsay by 10.1% in the fourth quarter. Invesco Ltd. now owns 226,796 shares of the industrial products company's stock valued at $26,732,000 after acquiring an additional 20,811 shares during the period. 89.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Zacks Research upgraded Lindsay from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Weiss Ratings reissued a "hold (c-)" rating on shares of Lindsay in a research report on Tuesday, August 18th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $113.00.

Lindsay Stock Performance

LNN opened at $113.84 on Friday. The firm has a market capitalization of $1.16 billion, a PE ratio of 21.85 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 twelve month low of $97.27 and a twelve month high of $148.00. The firm's 50-day moving average price is $115.88 and its 200 day moving average price is $116.92.

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 analysts' consensus estimates of $1.14 by $0.39. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The company had revenue of $160.76 million for the quarter, compared to the consensus estimate of $157.80 million. During the same period in the previous year, the firm earned $1.78 earnings per share. Lindsay's quarterly revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts expect 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 will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be given a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 17th. This is an increase from Lindsay's previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. 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