Lindsay Corporation $LNN Shares Acquired by Amundi

Key Points

• Amundi increased its Lindsay stake by 64.4% in the second quarter, reaching 423,312 shares worth approximately $52.4 million. Institutional investors and hedge funds collectively own 89.94% of LNN.
• Lindsay exceeded quarterly expectations, reporting EPS of $1.53 versus the $1.14 consensus 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, equivalent to $1.52 annually and a 1.3% yield. Analysts maintain a “Reduce” consensus rating with a $113 target price, below the reported $117.34 share price.

Amundi grew its position in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 64.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,312 shares of the industrial products company's stock after purchasing an additional 165,745 shares during the quarter. Amundi owned approximately 4.16% of Lindsay worth $52,376,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in LNN. BlackRock Inc. acquired a new stake in Lindsay during the second quarter valued at $219,361,000. California State Teachers Retirement System increased its stake in shares of Lindsay by 14,531.7% in the 2nd quarter. California State Teachers Retirement System now owns 1,456,878 shares of the industrial products company's stock valued at $180,361,000 after purchasing an additional 1,446,921 shares in the last quarter. State Street Corp raised its holdings in 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 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. Finally, KBC Group NV boosted its position in Lindsay by 15.0% during the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company's stock worth $32,017,000 after purchasing an additional 35,061 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Weiss Ratings upgraded Lindsay from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, September 2nd. Zacks Research downgraded shares of Lindsay from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 1st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $113.00.

Lindsay Stock Performance

Shares of Lindsay stock opened at $117.34 on Friday. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. The business's 50 day moving average price is $115.59 and its 200 day moving average price is $115.87. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 22.52 and a beta of 0.70.

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

Lindsay Increases Dividend

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

Lindsay Company 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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