Legal & General Group Plc Purchases New Stake in Lindsay Corporation $LNN

Key Points

• Legal & General Group acquired 190,122 Lindsay shares worth approximately $23.5 million, representing about 1.87% of the company. Institutional investors collectively own nearly 90% of Lindsay’s stock.
• Lindsay exceeded quarterly earnings expectations, reporting $1.53 EPS versus the $1.14 consensus estimate and revenue of $160.76 million, though revenue declined 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share, or $1.52 annually, yielding about 1.3%. Analysts maintain a consensus “Hold” rating with an average price target of $113, close to the stock’s $113.84 price.

Legal & General Group Plc acquired a new position in shares of Lindsay Corporation (NYSE:LNN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 190,122 shares of the industrial products company's stock, valued at approximately $23,537,000. Legal & General Group Plc owned about 1.87% of Lindsay as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in LNN. BlackRock Inc. purchased a new position in Lindsay in the second quarter valued at about $219,361,000. State Street Corp raised its holdings in shares of Lindsay by 5.6% in the 2nd quarter. State Street Corp now owns 473,772 shares of the industrial products company's stock worth $68,342,000 after purchasing an additional 25,251 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Lindsay by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company's stock worth $41,953,000 after purchasing an additional 6,748 shares during the period. Amundi lifted its stake in Lindsay by 39.4% in the fourth 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 during the last quarter. Finally, KBC Group NV lifted its stake in Lindsay by 15.0% in the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company's stock valued at $32,017,000 after purchasing an additional 35,061 shares during the last quarter. Institutional investors own 89.94% of the company's stock.

Lindsay Stock Down 0.4%

LNN stock opened at $113.84 on Friday. The stock has a 50-day simple moving average of $115.88 and a two-hundred day simple moving average of $116.92. Lindsay Corporation has a twelve month low of $97.27 and a twelve month high of $148.00. The firm has a market capitalization of $1.16 billion, a PE ratio of 21.85 and a beta of 0.70. 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 (NYSE:LNN - Get Free Report) last announced 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 net margin of 8.79% and a return on equity of 10.73%. The company's revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 earnings per share. On average, equities analysts predict that Lindsay Corporation will post 5.19 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a dividend of $0.38 per share. This is an increase from Lindsay's previous quarterly dividend of $0.37. The ex-dividend date is Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay's dividend payout ratio (DPR) is presently 29.17%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on LNN shares. Weiss Ratings reissued a "hold (c-)" rating on shares of Lindsay in a research report on Tuesday, August 18th. Zacks Research raised Lindsay from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $113.00.

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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