Shares of Lindsay Corporation (NYSE:LNN - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 142,881 shares changed hands during mid-day trading, an increase of 76% from the previous session's volume of 81,313 shares.The stock last traded at $148.39 and had previously closed at $147.11.
Analysts Set New Price Targets
A number of equities analysts have weighed in on LNN shares. Wall Street Zen raised shares of Lindsay from a "hold" rating to a "buy" rating in a research note on Friday, April 11th. Stifel Nicolaus boosted their target price on shares of Lindsay from $128.00 to $136.00 and gave the stock a "hold" rating in a research note on Friday, June 27th.
Check Out Our Latest Analysis on Lindsay
Lindsay Price Performance
The company's fifty day moving average is $137.79 and its two-hundred day moving average is $131.50. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 21.31 and a beta of 0.82. 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 (NYSE:LNN - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.42. The firm had revenue of $169.46 million during the quarter, compared to analysts' expectations of $157.87 million. Lindsay had a net margin of 11.21% and a return on equity of 15.09%. The business's revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.85 earnings per share. Equities research analysts anticipate that Lindsay Corporation will post 5.82 earnings per share for the current fiscal year.
Lindsay Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.37 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from Lindsay's previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 1.00%. Lindsay's dividend payout ratio is presently 21.26%.
Insider Activity at Lindsay
In related news, CFO Brian L. Ketcham sold 3,999 shares of the 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 completion of the transaction, the chief financial officer owned 9,621 shares in the company, valued at approximately $1,434,394.89. This represents a 29.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its position in Lindsay by 404.3% during the first 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Lindsay by 37.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 331,027 shares of the industrial products company's stock worth $39,164,000 after acquiring an additional 89,373 shares during the period. GAMMA Investing LLC increased its holdings in Lindsay by 19,611.6% in the 1st quarter. GAMMA Investing LLC now owns 54,404 shares of the industrial products company's stock valued at $6,883,000 after buying an additional 54,128 shares during the period. Nuveen LLC bought a new position in Lindsay in the 1st quarter valued at about $4,593,000. Finally, JPMorgan Chase & Co. increased its holdings in Lindsay by 304.7% in the 4th quarter. JPMorgan Chase & Co. now owns 41,640 shares of the industrial products company's stock valued at $4,926,000 after buying an additional 31,351 shares during the period. Institutional investors and hedge funds own 89.94% of the company's stock.
About Lindsay
(
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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.
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