1,771,897 Shares in Lindsay Corporation $LNN Acquired by BlackRock Inc.

BlackRock Inc. bought a new stake in shares of Lindsay Corporation (NYSE:LNN) in the 2nd quarter, HoldingsChannel reports. The firm bought 1,771,897 shares of the industrial products company’s stock, valued at approximately $219,361,000. BlackRock Inc. owned 0.17% of Lindsay at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in Lindsay by 5.6% in the second quarter. State Street Corp now owns 473,772 shares of the industrial products company’s stock worth $68,342,000 after acquiring an additional 25,251 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Lindsay by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company’s stock worth $41,953,000 after buying an additional 6,748 shares in the last quarter. Amundi grew its position in Lindsay by 39.4% during the fourth quarter. Amundi now owns 269,817 shares of the industrial products company’s stock valued at $31,843,000 after acquiring an additional 76,292 shares during the last quarter. KBC Group NV raised its stake in shares of Lindsay by 15.0% during the first quarter. KBC Group NV now owns 268,896 shares of the industrial products company’s stock worth $32,017,000 after acquiring an additional 35,061 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Lindsay by 10.1% during the fourth quarter. Invesco Ltd. now owns 226,796 shares of the industrial products company’s stock worth $26,732,000 after acquiring an additional 20,811 shares in the last quarter. Institutional investors own 89.94% of the company’s stock.

Lindsay Trading Down 0.0%

NYSE LNN opened at $114.11 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.04 and a current ratio of 2.93. Lindsay Corporation has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The stock has a market cap of $1.16 billion, a P/E ratio of 21.90 and a beta of 0.70. The stock has a 50 day simple moving average of $115.98 and a two-hundred day simple moving average of $116.94.

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

Lindsay Increases Dividend

The business also recently declared 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 an increase from Lindsay’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.3%. Lindsay’s payout ratio is currently 29.17%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Lindsay in a report on Tuesday, August 18th. Zacks Research raised Lindsay from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $113.00.

About Lindsay

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.