Lindsay Corporation $LNN Shares Bought by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in Lindsay Corporation (NYSE:LNN) by 3.0% during the first quarter, now owning 161,672 shares valued at approximately $20.46 million.
• Lindsay Corporation reported $1.78 earnings per share for the last quarter, exceeding estimates, with revenues up 21.8% year-over-year.
• The company declared a quarterly dividend of $0.37 per share, a slight increase from the previous dividend, with a current yield of 1.1%.

Invesco Ltd. grew its position in Lindsay Corporation (NYSE:LNN - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,672 shares of the industrial products company's stock after buying an additional 4,783 shares during the quarter. Invesco Ltd. owned 1.49% of Lindsay worth $20,455,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. KBC Group NV boosted its stake in shares of Lindsay by 1.4% during the first quarter. KBC Group NV now owns 353,238 shares of the industrial products company's stock valued at $44,692,000 after acquiring an additional 4,724 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Lindsay by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 345,943 shares of the industrial products company's stock valued at $40,929,000 after acquiring an additional 2,207 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Lindsay by 37.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company's stock valued at $39,164,000 after acquiring an additional 89,373 shares during the last quarter. Jennison Associates LLC boosted 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 acquiring an additional 173,872 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Lindsay by 3.7% during the fourth quarter. First Trust Advisors LP now owns 207,403 shares of the industrial products company's stock valued at $24,538,000 after acquiring an additional 7,362 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company's stock.

Lindsay Trading Up 3.5%

Shares of Lindsay stock traded up $4.8250 during trading hours on Friday, reaching $143.0550. The stock had a trading volume of 118,564 shares, compared to its average volume of 74,106. The firm has a 50 day simple moving average of $138.99 and a two-hundred day simple moving average of $134.17. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 20.55 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. Lindsay Corporation has a 1 year low of $112.14 and a 1 year high of $150.96.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.42. The company had revenue of $169.46 million for 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% compared to the same quarter last year. During the same period last year, the business posted $1.85 EPS. As a group, equities research analysts anticipate that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, August 15th. This represents a $1.48 annualized dividend and a yield of 1.0%. This is a boost from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio (DPR) is presently 21.26%.

Insider Activity at Lindsay

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of Lindsay stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 in the company, valued at $1,434,394.89. The trade was a 29.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert E. Brunner sold 1,856 shares of Lindsay stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the sale, the director owned 3,274 shares in the company, valued at $465,169.92. This represents a 36.18% decrease in their ownership of the stock. 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 90 days. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.