Swiss National Bank Lowers Holdings in Lindsay Corporation $LNN

Swiss National Bank reduced its stake in shares of Lindsay Corporation (NYSE:LNN) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,100 shares of the industrial products company’s stock after selling 200 shares during the quarter. Swiss National Bank owned 0.19% of Lindsay worth $2,670,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of LNN. Banque Cantonale Vaudoise purchased a new stake in Lindsay during the first quarter worth $31,000. GAMMA Investing LLC raised its position in shares of Lindsay by 55.8% in the first quarter. GAMMA Investing LLC now owns 430 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 154 shares during the period. Mutual of America Capital Management LLC purchased a new stake in shares of Lindsay during the 1st quarter worth about $200,000. Tower Research Capital LLC TRC grew its position in shares of Lindsay by 729.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,709 shares of the industrial products company’s stock valued at $202,000 after acquiring an additional 1,503 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Lindsay in the 1st quarter valued at about $221,000. Hedge funds and other institutional investors own 89.94% of the company’s stock.

Insider Activity

In other Lindsay news, CFO Brian L. Ketcham sold 3,999 shares of the stock in a transaction dated 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 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 filing with the SEC, which is available through the SEC website. Also, Director Robert E. Brunner sold 1,856 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $142.08, for a total value of $263,700.48. Following the completion of the sale, the director directly owned 3,274 shares in the company, valued at approximately $465,169.92. The trade was a 36.18% decrease in their position. 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.

Wall Street Analyst Weigh In

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

Lindsay Stock Up 3.5%

Shares of LNN opened at $143.0550 on Friday. The stock has a 50 day moving average price of $138.99 and a 200 day moving average price of $134.16. 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 capitalization of $1.55 billion, a price-to-earnings ratio of 20.55 and a beta of 0.81.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, June 26th. The industrial products company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.42. The business 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 company’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.85 earnings per share. Equities research analysts forecast that Lindsay Corporation will post 5.82 earnings per share 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 given a dividend of $0.37 per share. The ex-dividend date is Friday, August 15th. This is an increase from Lindsay’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 1.0%. Lindsay’s dividend payout ratio (DPR) is 21.26%.

About Lindsay

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.