Freestone Grove Partners LP Takes Position in Lindsay Corporation $LNN

Key Points

• Freestone Grove Partners LP acquired 10,365 Lindsay shares worth approximately $1.28 million, while institutional investors collectively owned 89.94% of the company.
• Lindsay exceeded quarterly earnings expectations, reporting $1.53 EPS versus the $1.14 consensus 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, or $1.52 annually, representing a 1.3% yield; analysts maintain a consensus “Hold” rating with a $113 price target.

Freestone Grove Partners LP purchased a new stake in Lindsay Corporation (NYSE:LNN - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 10,365 shares of the industrial products company's stock, valued at approximately $1,283,000. Freestone Grove Partners LP owned 0.10% of Lindsay at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Jupiter Topco LLC acquired a new position in Lindsay during the second quarter valued at approximately $627,000. Legal & General Group Plc acquired a new stake in Lindsay in the second quarter worth $23,537,000. The Manufacturers Life Insurance Company bought a new position in shares of Lindsay during the second quarter worth $560,000. Cullen Capital Management LLC bought a new position in shares of Lindsay during the second quarter worth $228,000. Finally, Ieq Capital LLC acquired a new position in shares of Lindsay in the 2nd quarter valued at $1,694,000. Institutional investors own 89.94% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on LNN shares. Zacks Research raised 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 note on Tuesday, August 18th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $113.00.

Lindsay Stock Performance

Shares of LNN opened at $113.84 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. 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 two-hundred day moving average price is $116.92. The firm has a market cap of $1.16 billion, a P/E ratio of 21.85 and a beta of 0.70.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $157.80 million. During the same quarter in the prior year, the company earned $1.78 earnings per share. The business's quarterly revenue was down 5.2% compared to the same quarter last year. On average, analysts forecast that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors 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 represents a $1.52 annualized dividend and a yield of 1.3%. This is an increase from Lindsay's previous quarterly dividend of $0.37. Lindsay's payout ratio is presently 29.17%.

Lindsay 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.

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