Hotchkis & Wiley Capital Management LLC Sells 3,820 Shares of Lindsay Corporation $LNN

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Lindsay Corporation by 4.7%, selling 3,820 shares and holding 77,880 shares valued at approximately $9.85 million.
• Lindsay Corporation announced a quarterly dividend increase to $0.37 per share, reflecting a yield of 1.0%, with payments set to commence on August 29th.
• Analysts have raised their target price for Lindsay from $128.00 to $136.00, maintaining a "hold" rating due to strong quarterly earnings exceeding consensus estimates.

Hotchkis & Wiley Capital Management LLC lowered its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,880 shares of the industrial products company's stock after selling 3,820 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.72% of Lindsay worth $9,853,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position in shares of Lindsay by 36.3% during the 4th quarter. Wells Fargo & Company MN now owns 5,981 shares of the industrial products company's stock valued at $708,000 after buying an additional 1,594 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Lindsay in the 4th quarter worth approximately $611,000. Barclays PLC raised its stake in Lindsay by 6.2% during the fourth quarter. Barclays PLC now owns 20,813 shares of the industrial products company's stock valued at $2,462,000 after purchasing an additional 1,206 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Lindsay by 1.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,588 shares of the industrial products company's stock valued at $1,253,000 after acquiring an additional 177 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Lindsay by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 345,943 shares of the industrial products company's stock valued at $40,929,000 after purchasing an additional 2,207 shares during the last quarter. 89.94% of the stock is owned by institutional investors.

Lindsay Stock Performance

Shares of LNN stock opened at $143.0550 on Monday. The business's fifty day simple moving average is $138.99 and its 200-day simple moving average is $134.19. 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 12-month low of $112.14 and a 12-month high of $150.96. The company has a market cap of $1.55 billion, a PE ratio of 20.55 and a beta of 0.81.

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. The business had revenue of $169.46 million during the quarter, compared to the consensus estimate of $157.87 million. Lindsay had a return on equity of 15.09% and a net margin of 11.21%.The company's quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company earned $1.85 earnings per share. Analysts expect that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.48 dividend on an annualized basis and a yield of 1.0%. This is an increase from Lindsay's previous quarterly dividend of $0.36. Lindsay's payout ratio is presently 21.26%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Lindsay

In related news, CFO Brian L. Ketcham sold 3,999 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the sale, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert E. Brunner sold 1,856 shares of the company's stock in a transaction 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 in the company, valued at $465,169.92. This trade represents a 36.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,187 shares of company stock valued at $1,049,162 in the last ninety days. Corporate insiders own 1.70% of the company's stock.

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.

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