Lindsay Corporation $LNN Stake Lowered by Northern Trust Corp

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 lowered its holdings in Lindsay Corporation (NYSE:LNN - Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,262 shares of the industrial products company's stock after selling 3,304 shares during the period. Northern Trust Corp owned about 1.10% of Lindsay worth $15,089,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Corient IA LLC bought a new position in Lindsay in the first quarter worth about $380,000. American Century Companies Inc. raised its holdings in shares of Lindsay by 4.7% during the first quarter. American Century Companies Inc. now owns 45,867 shares of the industrial products company's stock valued at $5,803,000 after buying an additional 2,065 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Lindsay by 27.4% during the first quarter. Public Sector Pension Investment Board now owns 34,430 shares of the industrial products company's stock valued at $4,356,000 after buying an additional 7,400 shares during the last quarter. Nuveen LLC bought a new stake in shares of Lindsay during the first quarter valued at approximately $4,593,000. Finally, Invesco Ltd. raised its holdings in shares of Lindsay by 3.0% during the first quarter. Invesco Ltd. now owns 161,672 shares of the industrial products company's stock valued at $20,455,000 after buying an additional 4,783 shares during the last quarter. Institutional investors own 89.94% of the company's stock.

Insider Activity at Lindsay

In other Lindsay news, Director Robert E. Brunner sold 1,856 shares of Lindsay stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $142.08, for a total transaction of $263,700.48. Following the transaction, the director directly owned 3,274 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, CFO Brian L. Ketcham sold 3,999 shares of Lindsay 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 transaction, the chief financial officer owned 9,621 shares in the company, valued at approximately $1,434,394.89. The trade was a 29.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,187 shares of company stock worth $1,049,162. Corporate insiders own 1.70% of the company's stock.

Lindsay Price Performance

Lindsay stock traded down $1.86 during mid-day trading on Tuesday, hitting $138.54. The company's stock had a trading volume of 22,859 shares, compared to its average volume of 96,012. The company has a quick ratio of 2.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.50 billion, a P/E ratio of 19.90 and a beta of 0.82. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. The stock's fifty day moving average price is $139.14 and its two-hundred day moving average price is $134.61.

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 the consensus estimate of $1.36 by $0.42. The firm had revenue of $169.46 million for the quarter, compared to analyst estimates of $157.87 million. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The firm's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.85 earnings per share. Research analysts forecast that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio is presently 21.26%.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus lifted their price target on Lindsay from $128.00 to $136.00 and gave the company a "hold" rating in a report on Friday, June 27th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Lindsay has a consensus rating of "Hold" and a consensus target price of $136.00.

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.