Vanguard Group Inc. Has $156.40 Million Stock Holdings in Lindsay Corporation $LNN

Key Points

• Vanguard Group Inc. reduced its stake in Lindsay Corporation by 1.9%, selling 23,973 shares, and now holds approximately 11.38% of the company worth $156.4 million.
• Several institutional investors, including Jennison Associates LLC and T. Rowe Price, have significantly increased their stakes in Lindsay, indicating strong interest from large investors.
• Lindsay Corporation announced a quarterly dividend increase from $0.36 to $0.37 per share, reflecting a commitment to returning value to shareholders.

Vanguard Group Inc. lowered its stake in Lindsay Corporation (NYSE:LNN - Free Report) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,236,198 shares of the industrial products company's stock after selling 23,973 shares during the period. Vanguard Group Inc. owned approximately 11.38% of Lindsay worth $156,404,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jennison Associates LLC lifted its holdings in shares of Lindsay by 404.3% during the 1st quarter. Jennison Associates LLC now owns 216,878 shares of the industrial products company's stock worth $27,439,000 after acquiring an additional 173,872 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Lindsay by 37.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company's stock valued at $39,164,000 after acquiring an additional 89,373 shares during the last quarter. GAMMA Investing LLC raised its position in Lindsay by 19,611.6% during the first quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock valued at $6,883,000 after purchasing an additional 54,128 shares in the last quarter. Lightrock Netherlands B.V. lifted its stake in Lindsay by 28.8% during the first quarter. Lightrock Netherlands B.V. now owns 123,415 shares of the industrial products company's stock worth $15,640,000 after purchasing an additional 27,566 shares during the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Lindsay during the fourth quarter worth $2,885,000. Institutional investors own 89.94% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus boosted their price target on 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, According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $136.00.

Lindsay Price Performance

NYSE:LNN traded down $0.93 on Tuesday, hitting $138.91. The company had a trading volume of 75,221 shares, compared to its average volume of 76,726. Lindsay Corporation has a 52 week low of $112.14 and a 52 week high of $150.96. The company has a current ratio of 3.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 19.96 and a beta of 0.81. The firm has a 50 day moving average of $139.14 and a two-hundred day moving average of $134.29.

Lindsay (NYSE:LNN - Get Free Report) last posted its earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.42. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The firm had revenue of $169.46 million for the quarter, compared to analysts' expectations of $157.87 million. During the same quarter in the previous year, the firm posted $1.85 earnings per share. The company's revenue was up 21.8% on a year-over-year basis. On average, research analysts anticipate that Lindsay Corporation will post 5.82 earnings per share for the current year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.37 dividend. This is a boost from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, August 15th. Lindsay's dividend payout ratio is 21.26%.

Insider Transactions at Lindsay

In related news, CFO Brian L. Ketcham sold 3,999 shares of the firm'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 owned 9,621 shares in the company, valued at $1,434,394.89. This trade represents a 29.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Brunner sold 1,856 shares of the business's 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 sale, the director directly owned 3,274 shares in the company, valued at $465,169.92. The trade was a 36.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,187 shares of company stock worth $1,049,162 over the last three months. Insiders own 1.70% of the company's stock.

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.