Northern Trust Corp Has $15.09 Million Stake in Lindsay Corporation $LNN

Key Points

• Northern Trust Corp reduced its ownership of Lindsay Corporation by 2.7% in the first quarter, maintaining a stake valued at $15.09 million.
• Lindsay Corporation reported earnings of $1.78 EPS, exceeding estimates, and had significant revenue growth of 21.8% year-over-year.
• The company announced a quarterly dividend increase to $0.37, representing an annualized yield of 1.1%.

Northern Trust Corp decreased its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,262 shares of the industrial products company's stock after selling 3,304 shares during the quarter. Northern Trust Corp owned 1.10% of Lindsay worth $15,089,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Banque Cantonale Vaudoise acquired a new position in shares of Lindsay in the first quarter valued at approximately $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 valued at $54,000 after buying an additional 154 shares during the period. Mutual of America Capital Management LLC acquired a new position in shares of Lindsay in the first quarter valued at approximately $200,000. Capstone Investment Advisors LLC acquired a new position in shares of Lindsay in the fourth quarter valued at approximately $215,000. Finally, XTX Topco Ltd acquired a new stake in Lindsay during the 1st quarter valued at approximately $221,000. Institutional investors and hedge funds own 89.94% of the company's stock.

Lindsay Price Performance

Lindsay stock opened at $136.56 on Thursday. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 19.62 and a beta of 0.82. Lindsay Corporation has a 52-week low of $112.14 and a 52-week high of $150.96. The stock's 50 day moving average price is $139.37 and its two-hundred day moving average price is $134.56. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64.

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

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.37 dividend. The ex-dividend date was Friday, August 15th. 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. Lindsay's dividend payout ratio (DPR) is 21.26%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CFO Brian L. Ketcham sold 3,999 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares in the company, valued at $1,434,394.89. This trade 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 this link. Also, Director Robert E. Brunner sold 1,856 shares of the stock in a transaction 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. This represents a 36.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,187 shares of company stock worth $1,049,162. 1.70% of the stock is owned by company insiders.

About Lindsay

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.

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