Vanguard Group Inc. Sells 23,973 Shares of 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. cut its position in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 about 11.38% of Lindsay worth $156,404,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of Lindsay by 36.3% during the 4th quarter. Wells Fargo & Company MN now owns 5,981 shares of the industrial products company's stock worth $708,000 after acquiring an additional 1,594 shares during the period. Raymond James Financial Inc. acquired a new stake in Lindsay during the fourth quarter valued at approximately $611,000. Barclays PLC boosted its holdings in Lindsay by 6.2% during the fourth quarter. Barclays PLC now owns 20,813 shares of the industrial products company's stock valued at $2,462,000 after purchasing an additional 1,206 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Lindsay in the 4th quarter valued at approximately $296,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Lindsay by 1.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,588 shares of the industrial products company's stock worth $1,253,000 after buying an additional 177 shares in the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Lindsay Trading Up 3.5%

Shares of Lindsay stock traded up $4.8250 during trading on Friday, reaching $143.0550. 118,564 shares of the company were exchanged, compared to its average volume of 74,106. The business has a 50-day moving average price of $138.99 and a 200-day moving average price of $134.17. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 20.55 and a beta of 0.81. The company has a quick ratio of 2.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.22. Lindsay Corporation has a twelve month low of $112.14 and a twelve month high of $150.96.

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

Lindsay Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $0.37 per share. This is an increase from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 15th. Lindsay's dividend payout ratio is presently 21.26%.

Insider Buying and Selling at Lindsay

In other news, CFO Brian L. Ketcham sold 3,999 shares of Lindsay stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total transaction of $596,210.91. Following the transaction, the chief financial officer directly owned 9,621 shares of the company's stock, valued at $1,434,394.89. This trade 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 business's 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 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,187 shares of company stock worth $1,049,162. Company 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.