190,122 Shares in Lindsay Corporation $LNN Acquired by Legal & General Group Plc

Legal & General Group Plc bought a new stake in shares of Lindsay Corporation (NYSE:LNN) in the 2nd quarter, HoldingsChannel reports. The firm bought 190,122 shares of the industrial products company’s stock, valued at approximately $23,537,000.

A number of other institutional investors have also recently made changes to their positions in LNN. Sei Investments Co. lifted its holdings in shares of Lindsay by 161.9% during the 1st quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock worth $2,018,000 after acquiring an additional 10,477 shares during the last quarter. KBC Group NV increased its stake in Lindsay by 15.0% in the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company’s stock valued at $32,017,000 after acquiring an additional 35,061 shares during the last quarter. John G Ullman & Associates Inc. raised its position in Lindsay by 7.4% during the first quarter. John G Ullman & Associates Inc. now owns 88,410 shares of the industrial products company’s stock valued at $10,527,000 after purchasing an additional 6,110 shares in the last quarter. BlackRock Inc. purchased a new stake in Lindsay during the second quarter valued at about $219,361,000. Finally, Pacer Advisors Inc. raised its position in Lindsay by 2,694.6% during the fourth quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company’s stock valued at $3,498,000 after purchasing an additional 28,617 shares in the last quarter. Institutional investors own 89.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on LNN. Weiss Ratings reiterated a “hold (c-)” rating on shares of Lindsay in a report on Tuesday, August 18th. Zacks Research upgraded Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $113.00.

Lindsay Price Performance

LNN opened at $113.84 on Friday. The stock’s 50 day simple moving average is $115.88 and its 200 day simple moving average is $116.92. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. Lindsay Corporation has a 1 year low of $97.27 and a 1 year high of $148.00. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 21.85 and a beta of 0.70.

Lindsay (NYSE:LNN) last announced its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.39. The firm had revenue of $160.76 million during the quarter, compared to the consensus estimate of $157.80 million. Lindsay had a return on equity of 10.73% and a net margin of 8.79%.The business’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.78 earnings per share. As a group, analysts predict that Lindsay Corporation will post 5.19 earnings per share for the current year.

Lindsay Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 17th. This is a positive change from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.3%. Lindsay’s payout ratio is presently 29.17%.

Lindsay Profile

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.