Sandler Capital Management Takes $3.04 Million Position in Lindsay Corporation $LNN

Key Points

• Sandler Capital Management has acquired a new stake in Lindsay Corporation, purchasing 23,994 shares valued at approximately $3,036,000, representing 0.22% ownership.
• The company recently increased its quarterly dividend to $0.37 per share, a boost from the previous $0.36, resulting in an annualized yield of 1.1%.
• Lindsay's stock has seen a 21.8% year-over-year revenue increase, reporting $169.46 million and an EPS of $1.78, surpassing market expectations.

Sandler Capital Management bought a new stake in Lindsay Corporation (NYSE:LNN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 23,994 shares of the industrial products company's stock, valued at approximately $3,036,000. Sandler Capital Management owned about 0.22% of Lindsay at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of LNN. Hsbc Holdings PLC increased its stake in Lindsay by 12.8% during the fourth quarter. Hsbc Holdings PLC now owns 1,891 shares of the industrial products company's stock worth $225,000 after purchasing an additional 214 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Lindsay by 11.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,096 shares of the industrial products company's stock worth $840,000 after purchasing an additional 712 shares during the period. Northern Trust Corp increased its stake in Lindsay by 5.9% during the fourth quarter. Northern Trust Corp now owns 122,566 shares of the industrial products company's stock worth $14,501,000 after purchasing an additional 6,860 shares during the period. Ameriprise Financial Inc. increased its stake in Lindsay by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 36,753 shares of the industrial products company's stock worth $4,348,000 after purchasing an additional 455 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Lindsay during the fourth quarter worth about $724,000. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus upped their target price 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, the stock currently has an average rating of "Hold" and an average target price of $136.00.

Insider Buying and Selling

In related news, CFO Brian L. Ketcham sold 3,999 shares of the company'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 value of $596,210.91. Following the completion of the transaction, the chief financial officer directly owned 9,621 shares of the company's stock, valued at $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert E. Brunner sold 1,856 shares of the company'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 directly owned 3,274 shares of the company's stock, valued at $465,169.92. This trade represents a 36.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,187 shares of company stock valued at $1,049,162 over the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

Lindsay Stock Down 1.8%

LNN traded down $2.55 on Tuesday, reaching $137.84. The company's stock had a trading volume of 79,782 shares, compared to its average volume of 81,770. The stock has a 50 day moving average of $138.95 and a two-hundred day moving average of $134.63. 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 company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 19.80 and a beta of 0.82. Lindsay Corporation has a fifty-two week low of $112.14 and a fifty-two week high of $150.96.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.42. The firm had revenue of $169.46 million during 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 firm's quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.85 earnings per share. As a group, analysts forecast that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Lindsay's previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, August 15th. Lindsay's dividend payout ratio is currently 21.26%.

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.