Lindsay Corporation (NYSE:LNN) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. increased its position in shares of Lindsay Corporation (NYSE:LNN) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,792 shares of the industrial products company’s stock after acquiring an additional 76 shares during the period. Victory Capital Management Inc.’s holdings in Lindsay were worth $1,365,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Mutual of America Capital Management LLC acquired a new position in Lindsay during the 1st quarter worth about $200,000. Lightrock Netherlands B.V. raised its position in Lindsay by 28.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 123,415 shares of the industrial products company’s stock valued at $15,640,000 after purchasing an additional 27,566 shares in the last quarter. Principal Financial Group Inc. raised its position in Lindsay by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 55,251 shares of the industrial products company’s stock valued at $6,990,000 after purchasing an additional 1,423 shares in the last quarter. KBC Group NV raised its position in Lindsay by 1.4% in the 1st quarter. KBC Group NV now owns 353,238 shares of the industrial products company’s stock valued at $44,692,000 after purchasing an additional 4,724 shares in the last quarter. Finally, Cardinal Capital Management raised its position in Lindsay by 3.7% in the 1st quarter. Cardinal Capital Management now owns 16,755 shares of the industrial products company’s stock valued at $2,120,000 after purchasing an additional 596 shares in the last quarter. Institutional investors and hedge funds own 89.94% of the company’s stock.

Analysts Set New Price Targets

LNN has been the topic of a number of analyst reports. Wall Street Zen raised Lindsay from a “hold” rating to a “buy” rating in a research report on Friday, April 11th. Stifel Nicolaus increased their price target on Lindsay from $128.00 to $136.00 and gave the company a “hold” rating in a research report on Friday, June 27th.

Lindsay Price Performance

Shares of NYSE LNN opened at $135.74 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.64 and a current ratio of 3.64. Lindsay Corporation has a fifty-two week low of $112.14 and a fifty-two week high of $150.96. The firm has a market capitalization of $1.47 billion, a PE ratio of 19.50 and a beta of 0.82. The stock’s 50-day simple moving average is $138.88 and its 200-day simple moving average is $133.65.

Lindsay (NYSE:LNN) last issued its earnings results on Thursday, June 26th. The industrial products company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.42. Lindsay had a return on equity of 15.09% and a net margin of 11.21%. The business had revenue of $169.46 million for the quarter, compared to analyst estimates of $157.87 million. During the same quarter last year, the company earned $1.85 EPS. The business’s quarterly revenue was up 21.8% on a year-over-year basis. As a group, equities research analysts forecast that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Friday, August 15th. This is an increase from Lindsay’s previous quarterly dividend of $0.36. Lindsay’s dividend payout ratio (DPR) is currently 20.69%.

Insider Transactions at Lindsay

In related news, CFO Brian L. Ketcham sold 3,999 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $149.09, for a total transaction of $596,210.91. Following the transaction, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. This trade represents a 29.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.70% of the stock is owned by corporate insiders.

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.