Lindsay Co. (NYSE:LNN) Plans $0.33 Quarterly Dividend

Lindsay Co. (NYSE:LNNGet Rating) announced a quarterly dividend on Wednesday, April 6th, RTT News reports. Shareholders of record on Tuesday, May 17th will be paid a dividend of 0.33 per share by the industrial products company on Tuesday, May 31st. This represents a $1.32 annualized dividend and a yield of 1.04%. The ex-dividend date is Monday, May 16th.

Lindsay has increased its dividend payment by an average of 12.5% per year over the last three years and has increased its dividend every year for the last 20 years. Lindsay has a payout ratio of 22.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lindsay to earn $5.91 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 22.3%.

NYSE:LNN opened at $127.13 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.79 and a quick ratio of 1.63. The company’s fifty day moving average price is $144.07 and its 200-day moving average price is $143.32. Lindsay has a 1-year low of $118.28 and a 1-year high of $179.26. The firm has a market capitalization of $1.40 billion, a P/E ratio of 30.41 and a beta of 0.53.

Lindsay (NYSE:LNNGet Rating) last posted its quarterly earnings results on Tuesday, April 5th. The industrial products company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.31 by $0.01. The company had revenue of $200.10 million for the quarter, compared to analyst estimates of $187.09 million. Lindsay had a net margin of 6.76% and a return on equity of 16.04%. The firm’s revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 earnings per share. Equities analysts anticipate that Lindsay will post 5.05 EPS for the current fiscal year.

In related news, insider James Scott Marion sold 1,945 shares of the business’s stock in a transaction on Friday, April 8th. The shares were sold at an average price of $146.01, for a total value of $283,989.45. Following the completion of the transaction, the insider now directly owns 4,520 shares in the company, valued at approximately $659,965.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.91% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Lindsay by 5.9% in the 1st quarter. BlackRock Inc. now owns 1,886,075 shares of the industrial products company’s stock worth $296,133,000 after purchasing an additional 104,363 shares during the period. Vanguard Group Inc. increased its position in shares of Lindsay by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,238,084 shares of the industrial products company’s stock valued at $194,392,000 after buying an additional 7,033 shares in the last quarter. State Street Corp raised its stake in shares of Lindsay by 1.3% during the 4th quarter. State Street Corp now owns 360,207 shares of the industrial products company’s stock worth $54,751,000 after buying an additional 4,518 shares during the period. Allianz Asset Management GmbH lifted its position in shares of Lindsay by 3.0% during the 1st quarter. Allianz Asset Management GmbH now owns 284,175 shares of the industrial products company’s stock valued at $44,618,000 after buying an additional 8,273 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Lindsay by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 210,421 shares of the industrial products company’s stock valued at $33,038,000 after acquiring an additional 3,062 shares during the period. Hedge funds and other institutional investors own 85.44% of the company’s stock.

Separately, began coverage on Lindsay in a report on Thursday, March 31st. They set a “hold” rating on the stock.

Lindsay Company Profile (Get Rating)

Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company 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 and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand.

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Dividend History for Lindsay (NYSE:LNN)

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