Illinois Municipal Retirement Fund Has $710,000 Stock Position in Lindsay Corporation (NYSE:LNN)

Illinois Municipal Retirement Fund lessened its stake in Lindsay Corporation (NYSE:LNN) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,608 shares of the industrial products company’s stock after selling 253 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Lindsay worth $710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LNN. Charles Schwab Investment Management Inc. increased its holdings in Lindsay by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 138,092 shares of the industrial products company’s stock valued at $16,338,000 after buying an additional 5,140 shares during the period. Keybank National Association OH boosted its position in shares of Lindsay by 23.5% during the 4th quarter. Keybank National Association OH now owns 3,775 shares of the industrial products company’s stock worth $447,000 after acquiring an additional 718 shares in the last quarter. Raymond James Financial Inc. bought a new position in Lindsay in the fourth quarter valued at approximately $611,000. Candriam S.C.A. raised its position in Lindsay by 31.9% during the fourth quarter. Candriam S.C.A. now owns 35,174 shares of the industrial products company’s stock valued at $4,161,000 after purchasing an additional 8,499 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in Lindsay during the fourth quarter worth $32,000. Institutional investors own 89.94% of the company’s stock.

Insider Activity

In related news, CFO Brian L. Ketcham sold 3,999 shares of the business’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $149.09, for a total value of $596,210.91. Following the transaction, the chief financial officer owned 9,621 shares in the company, valued at $1,434,394.89. The trade was a 29.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LNN. Stifel Nicolaus lifted their price target on Lindsay from $128.00 to $136.00 and gave the company a “hold” rating in a research note on Friday, June 27th. Wall Street Zen upgraded Lindsay from a “hold” rating to a “buy” rating in a research report on Friday, April 11th.

Lindsay Price Performance

LNN stock opened at $146.89 on Thursday. The company has a 50 day simple moving average of $137.03 and a 200 day simple moving average of $131.16. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 21.10 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.64 and a quick ratio of 2.64. Lindsay Corporation has a 1 year low of $109.27 and a 1 year high of $150.96.

Lindsay (NYSE:LNN) last released its quarterly earnings data on Thursday, June 26th. The industrial products company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.42. The company had revenue of $169.46 million during the quarter, compared to the consensus estimate of $157.87 million. Lindsay had a return on equity of 15.09% and a net margin of 11.21%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.85 earnings per share. Research analysts anticipate that Lindsay Corporation will post 5.82 EPS for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from Lindsay’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, August 15th. Lindsay’s dividend payout ratio (DPR) is 20.69%.

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.