Lindsay Corporation (LNN) to Issue Quarterly Dividend of $0.37 on May 29th

Lindsay Corporation (NYSE:LNN) declared a quarterly dividend on Wednesday, April 1st. Stockholders of record on Friday, May 15th will be given a dividend of 0.37 per share by the industrial products company on Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, May 15th.

Lindsay has increased its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 22 consecutive years. Lindsay has a payout ratio of 22.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Lindsay to earn $5.93 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 25.0%.

Lindsay Stock Performance

Shares of NYSE LNN traded down $1.61 during trading hours on Wednesday, hitting $106.47. 71,794 shares of the stock were exchanged, compared to its average volume of 141,075. Lindsay has a one year low of $97.27 and a one year high of $150.96. The company’s 50 day moving average is $115.43 and its 200 day moving average is $119.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.02 and a quick ratio of 2.15. The firm has a market capitalization of $1.11 billion, a P/E ratio of 19.47 and a beta of 0.73.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.45). Lindsay had a net margin of 9.25% and a return on equity of 11.28%. The business had revenue of $157.72 million during the quarter, compared to analyst estimates of $163.52 million. During the same period in the prior year, the business posted $2.44 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, research analysts expect that Lindsay will post 5.19 EPS for the current year.

Institutional Trading of Lindsay

Large investors have recently added to or reduced their stakes in the company. Nuance Investments LLC boosted its holdings in shares of Lindsay by 293.5% in the 4th quarter. Nuance Investments LLC now owns 178,571 shares of the industrial products company’s stock worth $21,048,000 after acquiring an additional 133,190 shares in the last quarter. Wellington Management Group LLP acquired a new position in Lindsay in the fourth quarter worth $13,994,000. Amundi grew its holdings in shares of Lindsay by 39.4% during the fourth quarter. Amundi now owns 269,817 shares of the industrial products company’s stock worth $31,843,000 after purchasing an additional 76,292 shares during the last quarter. Invesco Ltd. increased its stake in shares of Lindsay by 32.6% in the third quarter. Invesco Ltd. now owns 205,985 shares of the industrial products company’s stock valued at $28,953,000 after buying an additional 50,671 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Lindsay in the second quarter valued at about $6,670,000. 89.94% of the stock is owned by institutional investors.

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.