Sandler Capital Management Invests $3.04 Million 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 position in shares of Lindsay Corporation (NYSE:LNN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 23,994 shares of the industrial products company's stock, valued at approximately $3,036,000. Sandler Capital Management owned approximately 0.22% of Lindsay at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of LNN. Victory Capital Management Inc. lifted its holdings in shares of Lindsay by 0.7% in the first quarter. Victory Capital Management Inc. now owns 10,792 shares of the industrial products company's stock worth $1,365,000 after buying an additional 76 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 worth $54,000 after buying an additional 154 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Lindsay by 12.8% in the fourth quarter. Hsbc Holdings PLC now owns 1,891 shares of the industrial products company's stock worth $225,000 after buying an additional 214 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Lindsay in the first quarter worth about $31,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Lindsay by 4.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,166 shares of the industrial products company's stock worth $729,000 after buying an additional 259 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CFO Brian L. Ketcham sold 3,999 shares of the business's stock in a transaction dated 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 $1,434,394.89. The trade was 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 Lindsay stock in a transaction 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 completion of the sale, the director owned 3,274 shares in the company, valued at approximately $465,169.92. This trade represents a 36.18% 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 90 days. 1.70% of the stock is currently owned by company insiders.

Lindsay Price Performance

NYSE LNN traded up $3.08 during trading hours on Thursday, reaching $140.73. 86,745 shares of the stock traded hands, compared to its average volume of 96,144. The stock has a 50 day simple moving average of $138.76 and a two-hundred day simple moving average of $134.65. Lindsay Corporation has a 1 year low of $112.14 and a 1 year high of $150.96. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.64. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 20.22 and a beta of 0.82.

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

Lindsay Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.37 per share. The ex-dividend date 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%.

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.