Lindsay Corporation $LNN Shares Sold by Lightrock Netherlands B.V.

Key Points

• Lightrock Netherlands B.V. cut its Lindsay Corporation stake by 10% in the first quarter, selling 13,300 shares and leaving it with 119,115 shares valued at about $14.2 million.
• Lindsay reported better-than-expected quarterly results, with EPS of $1.53 versus $1.14 expected and revenue of $160.76 million versus $157.80 million anticipated, though revenue was still down 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share from $0.37, while analysts currently have a consensus Hold rating with an average price target of $113.

Lightrock Netherlands B.V. lowered its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 119,115 shares of the industrial products company's stock after selling 13,300 shares during the quarter. Lindsay comprises 1.4% of Lightrock Netherlands B.V.'s investment portfolio, making the stock its 16th biggest holding. Lightrock Netherlands B.V. owned about 1.15% of Lindsay worth $14,183,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in LNN. Aster Capital Management DIFC Ltd purchased a new stake in Lindsay during the fourth quarter worth approximately $25,000. Advisory Services Network LLC purchased a new position in Lindsay in the third quarter valued at approximately $30,000. Copeland Capital Management LLC acquired a new stake in Lindsay during the fourth quarter worth approximately $62,000. Kestra Advisory Services LLC purchased a new stake in shares of Lindsay during the 4th quarter worth approximately $83,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Lindsay by 2,226.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company's stock worth $134,000 after buying an additional 913 shares during the last quarter. Institutional investors and hedge funds own 89.94% of the company's stock.

Lindsay Price Performance

Shares of LNN opened at $117.92 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. Lindsay Corporation has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The firm has a 50-day simple moving average of $114.16 and a 200-day simple moving average of $119.09. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 22.63 and a beta of 0.69.

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

Lindsay Increases Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay's dividend payout ratio is presently 28.41%.

Analysts Set New Price Targets

LNN has been the subject of several research analyst reports. Stifel Nicolaus lowered their target price on shares of Lindsay from $128.00 to $113.00 and set a "hold" rating for the company in a report on Monday, April 6th. Zacks Research raised shares of Lindsay from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Weiss Ratings downgraded shares of Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Hold rating, According to 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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