KBC Group NV Acquires 35,061 Shares of Lindsay Corporation $LNN

Key Points

• KBC Group NV increased its stake in Lindsay Corporation by 15% in Q1, buying 35,061 additional shares and bringing its total holdings to 268,896 shares worth about $32.0 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 89.94% of Lindsay’s stock, and several firms recently boosting or opening positions.
• Lindsay’s latest quarterly results beat earnings and revenue expectations, and the company also raised its quarterly dividend to $0.38 per share from $0.37.

KBC Group NV raised its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 15.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 268,896 shares of the industrial products company's stock after purchasing an additional 35,061 shares during the period. KBC Group NV owned 2.59% of Lindsay worth $32,017,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuance Investments LLC boosted its position in shares of Lindsay by 293.5% during the 4th quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company's stock valued at $21,048,000 after acquiring an additional 133,190 shares during the last quarter. Wellington Management Group LLP purchased a new position in Lindsay during the 4th quarter worth $13,994,000. Amundi raised its position in Lindsay by 39.4% during the 4th quarter. Amundi now owns 269,817 shares of the industrial products company's stock valued at $31,843,000 after purchasing an additional 76,292 shares in the last quarter. Invesco Ltd. raised its position in Lindsay by 32.6% during the 3rd quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company's stock valued at $28,953,000 after purchasing an additional 50,671 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Lindsay in the 2nd quarter worth $6,670,000. Hedge funds and other institutional investors own 89.94% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LNN. Zacks Research raised shares of Lindsay from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Weiss Ratings cut shares of Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 21st. Finally, Stifel Nicolaus reduced their target price on Lindsay from $128.00 to $113.00 and set a "hold" rating for the company in a report on Monday, April 6th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $113.00.

Lindsay Price Performance

Lindsay stock opened at $113.00 on Tuesday. The company has a quick ratio of 2.04, a current ratio of 2.93 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a 52-week low of $97.27 and a 52-week high of $148.00. The firm has a market cap of $1.15 billion, a PE ratio of 21.69 and a beta of 0.69. The company's 50 day moving average is $114.37 and its two-hundred day moving average is $119.03.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.39. The firm had revenue of $160.76 million for the quarter, compared to the consensus estimate of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The firm's quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. On average, research analysts expect that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 17th. This is an increase from Lindsay's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.3%. Lindsay's dividend payout ratio is currently 28.41%.

Lindsay Profile

Lindsay Corporation NYSE: LNN is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.

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