Ieq Capital LLC Invests $1.69 Million in Lindsay Corporation $LNN

Ieq Capital LLC purchased a new position in Lindsay Corporation (NYSE:LNN) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,686 shares of the industrial products company’s stock, valued at approximately $1,694,000.

Several other hedge funds have also recently bought and sold shares of the company. Sei Investments Co. grew its holdings in Lindsay by 161.9% in the first quarter. Sei Investments Co. now owns 16,948 shares of the industrial products company’s stock valued at $2,018,000 after purchasing an additional 10,477 shares during the last quarter. KBC Group NV raised its stake in shares of Lindsay by 15.0% during the 1st quarter. KBC Group NV now owns 268,896 shares of the industrial products company’s stock worth $32,017,000 after buying an additional 35,061 shares during the last quarter. John G Ullman & Associates Inc. boosted its position in shares of Lindsay by 7.4% in the 1st quarter. John G Ullman & Associates Inc. now owns 88,410 shares of the industrial products company’s stock worth $10,527,000 after buying an additional 6,110 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Lindsay by 2,694.6% in the 4th quarter. Pacer Advisors Inc. now owns 29,679 shares of the industrial products company’s stock worth $3,498,000 after buying an additional 28,617 shares in the last quarter. Finally, Nuance Investments LLC acquired a new stake in Lindsay in the 2nd quarter valued at about $22,195,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Stock Performance

NYSE LNN opened at $114.81 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.93 and a debt-to-equity ratio of 0.23. Lindsay Corporation has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The business has a fifty day moving average of $116.13 and a 200-day moving average of $117.21. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 22.04 and a beta of 0.70.

Lindsay (NYSE:LNN) last posted its quarterly earnings data on Thursday, July 2nd. The industrial products company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.39. The business had revenue of $160.76 million for 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 business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.78 earnings per share. As a group, analysts predict that Lindsay Corporation will post 5.19 earnings per share for the current fiscal year.

Lindsay Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Lindsay in a report on Tuesday, August 18th. Zacks Research upgraded shares of Lindsay from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Lindsay currently has an average rating of “Hold” and a consensus 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.