Sei Investments Co. Raises Stock Holdings in Lindsay Corporation $LNN

Key Points

• Sei Investments increased its Lindsay stake by 161.9% in the first quarter, bringing its holdings to 16,948 shares worth about $2.02 million. Institutional investors collectively own 89.94% of LNN.
• Lindsay reported quarterly EPS of $1.53, beating estimates of $1.14, while revenue of $160.76 million exceeded expectations but declined 5.2% year over year.
• The company raised its quarterly dividend to $0.38 per share, implying an annualized payout of $1.52 and a 1.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $113.

Sei Investments Co. increased its stake in Lindsay Corporation (NYSE:LNN - Free Report) by 161.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,948 shares of the industrial products company's stock after purchasing an additional 10,477 shares during the period. Sei Investments Co. owned approximately 0.16% of Lindsay worth $2,018,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Nuance Investments LLC grew its stake in Lindsay by 293.5% in the 4th quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company's stock worth $21,048,000 after buying an additional 133,190 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Lindsay in the 4th quarter worth $13,994,000. Amundi raised its position in shares of Lindsay by 39.4% during the 4th quarter. Amundi now owns 269,817 shares of the industrial products company's stock valued at $31,843,000 after buying an additional 76,292 shares in the last quarter. Invesco Ltd. raised its position in shares of Lindsay by 32.6% during the 3rd quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company's stock valued at $28,953,000 after buying an additional 50,671 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Lindsay during the 2nd quarter worth $6,670,000. 89.94% of the stock is currently owned by institutional investors.

Lindsay Trading Up 0.1%

Shares of LNN opened at $116.19 on Monday. The firm's 50-day moving average price is $115.85 and its 200-day moving average price is $118.14. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 22.30 and a beta of 0.70. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a 1-year low of $97.27 and a 1-year high of $148.00.

Lindsay (NYSE:LNN - Get Free Report) last released its quarterly earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.39. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The company had revenue of $160.76 million during the quarter, compared to the consensus estimate of $157.80 million. During the same period in the prior year, the firm earned $1.78 earnings per share. Lindsay's revenue was down 5.2% on a year-over-year basis. Sell-side analysts anticipate that Lindsay Corporation will post 5.19 EPS for the current year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a dividend of $0.38 per share. This is a positive change from Lindsay's previous quarterly dividend of $0.37. The ex-dividend date is Monday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.3%. Lindsay's dividend payout ratio (DPR) is currently 28.41%.

Analyst Ratings Changes

Several research analysts recently issued reports on LNN shares. Zacks Research upgraded shares of Lindsay from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Weiss Ratings downgraded Lindsay from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $113.00.

About Lindsay

Lindsay Corporation NYSE: LNN is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.

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