Lindsay Corporation (NYSE:LNN) to Issue Quarterly Dividend of $0.38

Lindsay Corporation (NYSE:LNN) declared a quarterly dividend on Friday, October 23rd. Stockholders of record on Monday, November 16th will be paid a dividend of $0.38 per share by the industrial products company on Monday, November 30th. This represents a $1.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, November 16th.

Lindsay has a dividend payout ratio of 23.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Lindsay to earn $5.64 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 27.0%.

Lindsay Price Performance

Shares of LNN stock traded down $6.37 during trading hours on Friday, reaching $105.62. 266,133 shares of the company were exchanged, compared to its average volume of 155,570. The stock’s fifty day moving average is $114.96 and its two-hundred day moving average is $113.72. Lindsay has a fifty-two week low of $97.27 and a fifty-two week high of $148.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.93 and a quick ratio of 2.04. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 20.27 and a beta of 0.69.

Lindsay (NYSE:LNN) last released its earnings results on Thursday, October 22nd. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.12. Lindsay had a net margin of 8.79% and a return on equity of 10.73%. The company had revenue of $161.57 million for the quarter, compared to the consensus estimate of $147.56 million. During the same period in the prior year, the company posted $0.99 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Lindsay will post 5.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lindsay

Large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Lindsay in the 2nd quarter valued at about $219,361,000. Amundi boosted its holdings in Lindsay by 64.4% in the 2nd quarter. Amundi now owns 423,312 shares of the industrial products company’s stock valued at $52,376,000 after purchasing an additional 165,745 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Lindsay by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 352,344 shares of the industrial products company’s stock worth $41,953,000 after purchasing an additional 6,748 shares in the last quarter. KBC Group NV grew its position 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 purchasing an additional 35,061 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Lindsay during the 2nd quarter worth approximately $23,537,000. Institutional investors and hedge funds own 89.94% of the company’s stock.

About Lindsay

Lindsay Corporation is a U.S.-based manufacturer of irrigation and infrastructure products. The company’s irrigation business provides center-pivot and lateral-move irrigation systems, water-management technologies, and related equipment used by agricultural producers to improve the application and conservation of water.

Lindsay’s irrigation portfolio includes Zimmatic irrigation systems and digital tools such as FieldNET, which helps growers monitor and manage irrigation operations remotely.