Insider Selling: Lindsay (NYSE:LNN) CAO Sells 450 Shares of Stock

Lindsay Corporation (NYSE:LNN) CAO Brett Richard Coburn sold 450 shares of the business’s stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $109.67, for a total value of $49,351.50. Following the completion of the sale, the chief accounting officer owned 1,641 shares of the company’s stock, valued at $179,968.47. The trade was a 21.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Lindsay Trading Down 1.0%

NYSE:LNN traded down $1.10 during midday trading on Thursday, hitting $107.86. The stock had a trading volume of 99,144 shares, compared to its average volume of 154,666. Lindsay Corporation has a one year low of $97.27 and a one year high of $148.00. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 20.27 and a beta of 0.73. The stock has a 50-day moving average of $112.68 and a 200 day moving average of $116.38. The company has a quick ratio of 2.25, a current ratio of 3.15 and a debt-to-equity ratio of 0.23.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.12. Lindsay had a return on equity of 10.96% and a net margin of 8.75%. The business had revenue of $161.57 million during the quarter, compared to analysts’ expectations of $147.56 million. During the same period in the prior year, the business earned $0.99 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Lindsay Corporation will post 4.70 EPS for the current year.

Lindsay Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, November 16th. Lindsay’s payout ratio is presently 28.57%.

Analysts Set New Price Targets

A number of research firms recently weighed in on LNN. Stifel Nicolaus lowered their price objective on shares of Lindsay from $121.00 to $119.00 and set a “hold” rating for the company in a research note on Friday, October 23rd. Zacks Research downgraded shares of Lindsay from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 29th. Finally, Weiss Ratings lowered shares of Lindsay from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 16th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $119.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC boosted its holdings in Lindsay by 103.4% in the second quarter. Squarepoint Ops LLC now owns 17,287 shares of the industrial products company’s stock worth $2,140,000 after acquiring an additional 8,787 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Lindsay in the 2nd quarter valued at approximately $4,283,000. BlackRock Inc. purchased a new position in shares of Lindsay in the 2nd quarter valued at approximately $219,361,000. Sei Investments Co. boosted its stake in Lindsay by 161.9% in the 1st quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock worth $2,018,000 after purchasing an additional 10,477 shares in the last quarter. Finally, Amundi boosted its stake in Lindsay by 64.4% in the 2nd quarter. Amundi now owns 423,312 shares of the industrial products company’s stock worth $52,376,000 after purchasing an additional 165,745 shares in the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

About Lindsay

Lindsay Corporation is a manufacturer of irrigation and infrastructure equipment. Founded in 1955 and headquartered in Omaha, Nebraska, the company is best known for its Zimmatic center-pivot and lateral-move irrigation systems, which help farmers apply water to crops. Its agricultural technology offerings also include FieldNET, a platform for remotely monitoring and controlling irrigation equipment. Lindsay’s infrastructure business supplies products and systems for transportation safety and traffic management.