Nuance Investments LLC Has $8.44 Million Stock Position in Lindsay Corporation (NYSE:LNN)

Key Points

• Nuance Investments LLC significantly reduced its stake in Lindsay Corporation by 60.9%, selling 104,118 shares to end up with 66,727 shares valued at approximately $8.44 million.
• Lindsay Corporation announced a quarterly dividend increase to $0.37 per share, following strong financial performance with revenue growth of 21.8% year-over-year and an EPS of $1.78.
• Analyst firm Stifel Nicolaus raised Lindsay's target price from $128.00 to $136.00 while maintaining a "hold" rating on the stock.

Nuance Investments LLC lessened its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 60.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,727 shares of the industrial products company's stock after selling 104,118 shares during the period. Nuance Investments LLC owned about 0.61% of Lindsay worth $8,442,000 as of its most recent SEC filing.

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

Lindsay Price Performance

NYSE LNN traded down $1.73 during trading on Friday, reaching $139.00. 95,237 shares of the company traded hands, compared to its average volume of 83,687. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. The stock's 50 day moving average price is $138.65 and its two-hundred day moving average price is $133.94. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 19.97 and a beta of 0.81. Lindsay Corporation has a 1-year low of $112.14 and a 1-year high of $150.96.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Lindsay's previous quarterly dividend of $0.36. The ex-dividend date is Friday, August 15th. Lindsay's dividend payout ratio is presently 20.69%.

Insider Buying and Selling

In related news, Director Robert E. Brunner sold 1,856 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 $465,169.92. The trade was a 36.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total transaction of $596,210.91. Following the completion of the transaction, the chief financial officer owned 9,621 shares of the company's stock, valued at $1,434,394.89. This trade represents a 29.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,187 shares of company stock valued at $1,049,162 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lifted their target price on Lindsay from $128.00 to $136.00 and gave the stock a "hold" rating in a research report on Friday, June 27th.

Lindsay 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.