Invesco Ltd. Acquires 4,783 Shares of Lindsay Corporation $LNN

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. increased its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,672 shares of the industrial products company's stock after acquiring an additional 4,783 shares during the quarter. Invesco Ltd. owned about 1.49% of Lindsay worth $20,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. KBC Group NV increased its stake in shares of Lindsay by 1.4% in the 1st quarter. KBC Group NV now owns 353,238 shares of the industrial products company's stock worth $44,692,000 after acquiring an additional 4,724 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Lindsay by 0.6% during 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Lindsay by 37.0% during the 4th 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 purchasing an additional 89,373 shares in the last quarter. Jennison Associates LLC increased its stake in Lindsay by 404.3% during the 1st 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. Finally, First Trust Advisors LP increased its stake in Lindsay by 3.7% during the 4th quarter. First Trust Advisors LP now owns 207,403 shares of the industrial products company's stock valued at $24,538,000 after purchasing an additional 7,362 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors.

Insider Activity at Lindsay

In related news, Director Robert E. Brunner sold 1,856 shares of the business's stock in a transaction 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 sale, the director owned 3,274 shares in the company, valued at approximately $465,169.92. The trade was a 36.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,187 shares of company stock worth $1,049,162. Company insiders own 1.70% of the company's stock.

Analyst Ratings Changes

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

Lindsay Stock Performance

Shares of LNN stock traded up $1.45 during trading hours on Wednesday, reaching $140.26. The company had a trading volume of 107,542 shares, compared to its average volume of 76,875. The business has a fifty day moving average price of $139.26 and a 200-day moving average price of $134.33. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96. The firm has a market cap of $1.52 billion, a PE ratio of 20.15 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64.

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, beating 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 the consensus estimate of $157.87 million. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The company's revenue for the quarter was up 21.8% on a year-over-year basis. Sell-side analysts predict that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, August 15th. This is an increase from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 1.1%. Lindsay's dividend payout ratio (DPR) is 21.26%.

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.