Lindsay Co. (NYSE:LNN) Declares Quarterly Dividend of $0.35

Lindsay Co. (NYSE:LNN - Get Free Report) announced a quarterly dividend on Friday, April 5th, RTT News reports. Shareholders of record on Friday, May 17th will be given a dividend of 0.35 per share by the industrial products company on Friday, May 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.21%.

Lindsay has increased its dividend payment by an average of 2.8% annually over the last three years and has increased its dividend every year for the last 21 years. Lindsay has a payout ratio of 22.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Lindsay to earn $6.13 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 22.8%.

Lindsay Price Performance

Shares of LNN traded up $1.59 during mid-day trading on Friday, hitting $116.08. The company's stock had a trading volume of 130,069 shares, compared to its average volume of 86,275. The firm has a 50-day moving average price of $121.40 and a 200 day moving average price of $122.84. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 18.32 and a beta of 0.61. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.53 and a quick ratio of 2.37. Lindsay has a fifty-two week low of $106.46 and a fifty-two week high of $137.31.

Lindsay (NYSE:LNN - Get Free Report) last announced its quarterly earnings data on Thursday, April 4th. The industrial products company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.12. The company had revenue of $151.50 million for the quarter, compared to analysts' expectations of $172.06 million. Lindsay had a net margin of 10.49% and a return on equity of 15.53%. The business's revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 EPS. On average, research analysts predict that Lindsay will post 5.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LNN. BlackRock Inc. boosted its holdings in shares of Lindsay by 3.6% during the first quarter. BlackRock Inc. now owns 2,048,459 shares of the industrial products company's stock worth $309,584,000 after purchasing an additional 72,056 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Lindsay by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 1,279,819 shares of the industrial products company's stock worth $165,301,000 after purchasing an additional 17,261 shares during the period. State Street Corp boosted its holdings in shares of Lindsay by 11.2% during the second quarter. State Street Corp now owns 416,378 shares of the industrial products company's stock worth $55,303,000 after purchasing an additional 41,870 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Lindsay by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 290,238 shares of the industrial products company's stock worth $43,862,000 after purchasing an additional 1,699 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Lindsay by 3.0% during the first quarter. Allianz Asset Management GmbH now owns 284,175 shares of the industrial products company's stock worth $44,618,000 after purchasing an additional 8,273 shares during the period. 89.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on LNN. Northcoast Research raised shares of Lindsay from a "neutral" rating to a "buy" rating and set a $142.00 price objective on the stock in a research note on Friday. Stifel Nicolaus dropped their target price on shares of Lindsay from $129.00 to $123.00 and set a "hold" rating on the stock in a research report on Tuesday, December 19th. StockNews.com raised shares of Lindsay from a "hold" rating to a "buy" rating in a research report on Thursday. Finally, TheStreet downgraded shares of Lindsay from a "b-" rating to a "c+" rating in a research report on Tuesday, March 5th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $138.33.

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.