Nuveen LLC Takes $4.59 Million Position in Lindsay Corporation $LNN

Key Points

• Nuveen LLC has acquired a new position in Lindsay Corporation, purchasing 36,305 shares valued at approximately $4.59 million.
• The recent quarterly earnings report indicated a significant 21.8% increase in revenue year-over-year, with EPS exceeding estimates at $1.78.
• Lindsay Corporation announced an increase in its quarterly dividend from $0.36 to $0.37 per share, reflecting a positive change and a dividend yield of 1.1%.

Nuveen LLC bought a new position in shares of Lindsay Corporation (NYSE:LNN - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 36,305 shares of the industrial products company's stock, valued at approximately $4,593,000. Nuveen LLC owned about 0.33% of Lindsay as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new stake in shares of Lindsay in the 1st quarter valued at approximately $31,000. GAMMA Investing LLC increased its stake in Lindsay by 55.8% during the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 154 shares during the last quarter. Mutual of America Capital Management LLC bought a new position in shares of Lindsay in the 1st quarter worth about $200,000. Tower Research Capital LLC TRC boosted its holdings in shares of Lindsay by 729.6% in the 4th 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 position in shares of Lindsay in the 4th quarter valued at about $215,000. Institutional investors and hedge funds own 89.94% of the company's stock.

Insider Buying and Selling

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 value of $263,700.48. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 completion of the transaction, the chief financial officer owned 9,621 shares in the company, valued at approximately $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 a total of 7,187 shares of company stock worth $1,049,162 over the last quarter. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

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

Lindsay Price Performance

Shares of LNN stock traded down $2.11 during mid-day trading on Monday, hitting $137.30. 91,321 shares of the stock traded hands, compared to its average volume of 79,615. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96. 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 company's 50-day simple moving average is $139.39 and its 200-day simple moving average is $134.53. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 19.73 and a beta of 0.82.

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

Lindsay Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.48 annualized dividend 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 is presently 21.26%.

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.