Panagora Asset Management Inc. Boosts Stock Holdings in Lindsay Corporation $LNN

Key Points

• Panagora Asset Management Inc. increased its holdings in Lindsay Corporation by 431.4% during the first quarter, now owning approximately 24,779 shares valued at about $3.1 million.
• Analysts have raised Lindsay's target price from $128.00 to $136.00, maintaining a "hold" rating based on a consensus that reflects the company's recent performance.
• Lindsay recently declared a quarterly dividend of $0.37, marking an increase from the previous $0.36 dividend, with a current annualized yield of 1.1%.

Panagora Asset Management Inc. raised its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 431.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,779 shares of the industrial products company's stock after acquiring an additional 20,116 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.23% of Lindsay worth $3,135,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in Lindsay during the first quarter worth approximately $31,000. State of Wyoming acquired a new stake in Lindsay during the first quarter worth approximately $52,000. GAMMA Investing LLC lifted its position in shares of Lindsay by 55.8% during the 1st quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company's stock worth $54,000 after buying an additional 154 shares during the last quarter. Mutual of America Capital Management LLC purchased a new stake in shares of Lindsay during the 1st quarter worth approximately $200,000. Finally, 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 in the last quarter. Institutional investors and hedge funds own 89.94% of the company's stock.

Lindsay Stock Performance

LNN stock traded up $1.96 on Friday, hitting $140.48. The company's stock had a trading volume of 65,743 shares, compared to its average volume of 81,391. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 20.18 and a beta of 0.82. The firm has a 50 day moving average of $139.23 and a two-hundred day moving average of $134.57. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. 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 issued its quarterly earnings data 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. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The company had revenue of $169.46 million for the quarter, compared to the consensus estimate of $157.87 million. During the same period last year, the firm posted $1.85 EPS. Lindsay's revenue for the quarter was up 21.8% on a year-over-year basis. Equities analysts predict that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.48 annualized dividend and a yield of 1.1%. This is a boost from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio (DPR) is currently 21.26%.

Analyst Ratings Changes

Separately, Stifel Nicolaus lifted their price target 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 equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Lindsay presently has a consensus rating of "Hold" and a consensus target price of $136.00.

Insider Buying and Selling

In other Lindsay news, 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 transaction of $263,700.48. Following the completion of the sale, the director directly owned 3,274 shares of the company's stock, valued at approximately $465,169.92. This trade represents a 36.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 shares were sold at an average price of $149.09, for a total value of $596,210.91. Following the completion of the transaction, the chief financial officer directly owned 9,621 shares in the company, valued at approximately $1,434,394.89. The trade was a 29.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,187 shares of company stock valued at $1,049,162 over the last ninety days. 1.70% of the stock is owned by 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.