KBC Group NV Raises Stake in Lindsay Corporation $LNN

KBC Group NV raised its holdings in Lindsay Corporation (NYSE:LNN) by 15.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 268,896 shares of the industrial products company’s stock after purchasing an additional 35,061 shares during the quarter. KBC Group NV’s holdings in Lindsay were worth $32,017,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Lindsay during the fourth quarter worth about $25,000. Advisory Services Network LLC purchased a new stake in Lindsay during the 3rd quarter valued at approximately $30,000. Copeland Capital Management LLC purchased a new stake in Lindsay during the 4th quarter valued at approximately $62,000. Kestra Advisory Services LLC purchased a new stake in Lindsay during the 4th quarter valued at approximately $83,000. Finally, Russell Investments Group Ltd. lifted its position in Lindsay by 2,226.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock worth $134,000 after acquiring an additional 913 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Stock Performance

NYSE:LNN opened at $113.00 on Tuesday. The firm’s fifty day simple moving average is $114.37 and its 200 day simple moving average is $119.03. The company has a current ratio of 2.93, a quick ratio of 2.04 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a twelve month low of $97.27 and a twelve month high of $148.00. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 21.69 and a beta of 0.69.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.39. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The company had revenue of $160.76 million for the quarter, compared to analysts’ expectations of $157.80 million. During the same period in the prior year, the company earned $1.78 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Lindsay Corporation will post 5.19 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. This is an increase from Lindsay’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, August 17th. Lindsay’s dividend payout ratio is presently 28.41%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Stifel Nicolaus cut their target price on shares of Lindsay from $128.00 to $113.00 and set a “hold” rating for the company in a research report on Monday, April 6th. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Weiss Ratings cut shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $113.00.

About Lindsay

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.