9,163 Shares in Lindsay Corporation $LNN Purchased by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. acquired 9,163 shares of Lindsay Corporation valued at approximately $1.16 million, representing a 0.08% ownership stake as of the latest SEC filing.
• Lindsay Corporation reported $1.78 EPS for the last quarter, exceeding analysts' expectations by $0.42, along with a revenue increase of 21.8% year-over-year.
• The company increased its quarterly dividend to $0.37 per share, reflecting a positive change from the previous dividend, with a current yield of 1.1%.

Jacobs Levy Equity Management Inc. acquired a new stake in Lindsay Corporation (NYSE:LNN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,163 shares of the industrial products company's stock, valued at approximately $1,159,000. Jacobs Levy Equity Management Inc. owned about 0.08% of Lindsay at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KBC Group NV boosted its position in Lindsay by 1.4% in the 1st quarter. KBC Group NV now owns 353,238 shares of the industrial products company's stock valued at $44,692,000 after buying an additional 4,724 shares during the last quarter. Jennison Associates LLC boosted its position in Lindsay by 404.3% in the 1st quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company's stock valued at $27,439,000 after buying an additional 173,872 shares during the last quarter. Invesco Ltd. boosted its position in Lindsay by 3.0% in the 1st quarter. Invesco Ltd. now owns 161,672 shares of the industrial products company's stock valued at $20,455,000 after buying an additional 4,783 shares during the last quarter. Wellington Management Group LLP boosted its position in Lindsay by 5.5% in the 1st quarter. Wellington Management Group LLP now owns 154,191 shares of the industrial products company's stock valued at $19,508,000 after buying an additional 8,069 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Lindsay by 1.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 140,766 shares of the industrial products company's stock valued at $17,810,000 after buying an additional 2,674 shares during the last quarter. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In related news, CFO Brian L. Ketcham sold 3,999 shares of the stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Brunner sold 1,856 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total transaction of $263,700.48. Following the sale, the director owned 3,274 shares in the company, valued at approximately $465,169.92. This trade represents a 36.18% 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. 1.70% of the stock is owned by company insiders.

Lindsay Stock Down 0.6%

Shares of LNN stock traded down $0.91 during trading hours on Wednesday, hitting $139.65. 91,431 shares of the company were exchanged, compared to its average volume of 81,177. 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 Corporation has a one year low of $112.14 and a one year high of $150.96. The business's 50-day simple moving average is $138.13 and its two-hundred day simple moving average is $134.91. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 20.06 and a beta of 0.82.

Lindsay (NYSE:LNN - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.36 by $0.42. The business had revenue of $169.46 million for the quarter, compared to analysts' expectations of $157.87 million. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The company's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.85 earnings per share. Sell-side analysts predict that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

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