Lindsay Corporation $LNN Stake Lifted by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has increased its stake in Lindsay Corporation, owning 154,191 shares valued at approximately $19.51 million, representing a 1.42% ownership in the company.
• Lindsay Corporation's recent quarterly earnings report showed an EPS of $1.78, surpassing analyst expectations and reflecting a 21.8% increase in revenue year-over-year.
• The firm has declared a quarterly dividend of $0.37, marking an increase from the previous dividend of $0.36, with a yield of 1.1% and a payout ratio of 21.26%.

Wellington Management Group LLP boosted its holdings in shares of Lindsay Corporation (NYSE:LNN - Free Report) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 154,191 shares of the industrial products company's stock after purchasing an additional 8,069 shares during the quarter. Wellington Management Group LLP owned approximately 1.42% of Lindsay worth $19,508,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of LNN. Jennison Associates LLC increased its holdings in 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 purchasing an additional 173,872 shares during the last quarter. GAMMA Investing LLC increased its holdings in Lindsay by 19,611.6% during the 1st quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock worth $6,883,000 after purchasing an additional 54,128 shares during the last quarter. Nuveen LLC purchased a new stake in Lindsay during the 1st quarter worth approximately $4,593,000. Lightrock Netherlands B.V. increased its holdings in Lindsay by 28.8% during the 1st 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 purchased a new stake in Lindsay during the 4th quarter worth approximately $2,885,000. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Lindsay Stock Performance

Shares of NYSE LNN traded down $2.11 during trading on Friday, reaching $137.30. The stock had a trading volume of 91,321 shares, compared to its average volume of 79,615. Lindsay Corporation has a one year low of $112.14 and a one year high of $150.96. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. The stock has a market cap of $1.49 billion, a PE ratio of 19.73 and a beta of 0.82. The firm's 50 day moving average price is $139.38 and its two-hundred day moving average price is $134.50.

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

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, August 15th. This is an increase from Lindsay's previous quarterly dividend of $0.36. Lindsay's dividend payout ratio (DPR) is currently 21.26%.

Insiders Place Their Bets

In related news, CFO Brian L. Ketcham sold 3,999 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total transaction of $596,210.91. Following the completion of the transaction, the chief financial officer directly owned 9,621 shares in the company, valued at $1,434,394.89. This 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 company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $142.08, for a total value of $263,700.48. Following the transaction, the director owned 3,274 shares of the company's stock, valued at approximately $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. Over the last 90 days, insiders have sold 7,187 shares of company stock valued at $1,049,162. 1.70% of the stock is owned by company insiders.

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.