T. Rowe Price Investment Management Inc. Sells 29,479 Shares of Lindsay Corporation $LNN

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Lindsay Corporation by 8.9%, owning 301,548 shares valued at approximately $38.15 million after selling 29,479 shares in the first quarter.
• Lindsay Corporation reported a quarterly earnings per share (EPS) of $1.78, exceeding analysts' expectations by $0.42, and showing a revenue increase of 21.8% year on year.
• The company announced a quarterly dividend increase to $0.37 per share, with a payout ratio of 21.26%, reflecting continued shareholder value enhancement.

T. Rowe Price Investment Management Inc. lowered its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 8.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 301,548 shares of the industrial products company's stock after selling 29,479 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.78% of Lindsay worth $38,152,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in Lindsay in the 1st quarter worth about $31,000. GAMMA Investing LLC increased its holdings in Lindsay by 55.8% in the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock worth $54,000 after purchasing an additional 154 shares in the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Lindsay in the first quarter valued at about $200,000. Tower Research Capital LLC TRC increased its stake in shares of Lindsay by 729.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company's stock valued at $202,000 after buying an additional 1,503 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of Lindsay in the fourth quarter valued at about $215,000. Institutional investors and hedge funds own 89.94% of the company's stock.

Analyst Ratings Changes

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

Lindsay Trading Down 1.3%

Shares of Lindsay stock traded down $1.86 on Friday, hitting $137.56. 29,764 shares of the company's stock traded hands, compared to its average volume of 96,529. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.64. The company has a fifty day moving average of $139.35 and a two-hundred day moving average of $134.40. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 19.76 and a beta of 0.81.

Lindsay (NYSE:LNN - Get Free Report) last announced its earnings results on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.36 by $0.42. Lindsay had a return on equity of 15.09% and a net margin of 11.21%.The company had revenue of $169.46 million for the quarter, compared to analyst estimates of $157.87 million. During the same quarter in the prior year, the company earned $1.85 EPS. The firm's revenue for the quarter was up 21.8% compared to the same quarter last year. As a group, sell-side analysts expect that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio is currently 21.26%.

Insider Activity

In related news, CFO Brian L. Ketcham sold 3,999 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Brunner sold 1,856 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the completion of the transaction, the director owned 3,274 shares in the company, valued at approximately $465,169.92. The trade was a 36.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,187 shares of company stock worth $1,049,162. 1.70% of the stock is owned by corporate insiders.

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.