Goldman Sachs Group Inc. Has $6.14 Million Position in Lindsay Corporation $LNN

Key Points

• Goldman Sachs Group Inc. increased its stake in Lindsay Corporation by 13.4%, now owning 48,560 shares worth approximately $6.14 million.
• Lindsay Corporation reported a quarterly EPS of $1.78, which surpassed analysts' expectations by $0.42, with revenue up 21.8% year-over-year.
• The company recently raised its quarterly dividend to $0.37, reflecting an increase from the previous dividend and indicating a 1.1% yield.

Goldman Sachs Group Inc. boosted its stake in Lindsay Corporation (NYSE:LNN - Free Report) by 13.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,560 shares of the industrial products company's stock after buying an additional 5,749 shares during the period. Goldman Sachs Group Inc. owned 0.45% of Lindsay worth $6,144,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jennison Associates LLC increased its stake in shares of Lindsay by 404.3% during the first quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company's stock valued at $27,439,000 after purchasing an additional 173,872 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Lindsay by 19,611.6% during the first quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock valued at $6,883,000 after purchasing an additional 54,128 shares in the last quarter. Nuveen LLC bought a new stake in shares of Lindsay during the first quarter valued at approximately $4,593,000. Lightrock Netherlands B.V. increased its position in shares of Lindsay by 28.8% during the first quarter. Lightrock Netherlands B.V. now owns 123,415 shares of the industrial products company's stock valued at $15,640,000 after acquiring an additional 27,566 shares in the last quarter. Finally, Sandler Capital Management bought a new stake in shares of Lindsay during the first quarter valued at approximately $3,036,000. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Lindsay Stock Performance

NYSE:LNN traded down $1.98 during trading hours on Friday, reaching $139.17. The company had a trading volume of 179,543 shares, compared to its average volume of 84,704. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. Lindsay Corporation has a 52 week low of $112.14 and a 52 week high of $150.96. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 20.00 and a beta of 0.82. The firm's 50 day moving average price is $138.16 and its 200-day moving average price is $135.08.

Lindsay (NYSE:LNN - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $157.87 million. During the same quarter last year, the company posted $1.85 EPS. The company's revenue was up 21.8% compared to the same quarter last year. On average, analysts forecast that Lindsay Corporation will post 5.82 EPS for the current year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. Lindsay's payout ratio is currently 21.26%.

Insider Activity

In other 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 value of $263,700.48. Following the completion of the sale, the director owned 3,274 shares of the company's stock, valued at approximately $465,169.92. This represents a 36.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian L. Ketcham sold 3,999 shares of the 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 $1,434,394.89. The trade was a 29.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,187 shares of company stock worth $1,049,162 over the last quarter. 1.70% of the stock is currently owned by insiders.

Lindsay Company Profile

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.