Lindsay Co. (NYSE:LNN – Get Free Report) announced a quarterly dividend on Friday, January 12th, RTT News reports. Shareholders of record on Thursday, February 15th will be paid a dividend of 0.35 per share by the industrial products company on Thursday, February 29th. This represents a $1.40 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend is Wednesday, February 14th.
Lindsay has raised its dividend by an average of 2.8% per year over the last three years and has increased its dividend annually for the last 21 consecutive years. Lindsay has a payout ratio of 20.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Lindsay to earn $6.90 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 20.3%.
Lindsay Stock Up 1.4 %
Shares of LNN stock opened at $130.51 on Monday. The stock has a market cap of $1.44 billion, a P/E ratio of 20.85, a PEG ratio of 2.08 and a beta of 0.65. Lindsay has a 52 week low of $106.46 and a 52 week high of $158.99. The company has a quick ratio of 2.37, a current ratio of 3.53 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $129.39 and its two-hundred day simple moving average is $124.61.
Wall Street Analyst Weigh In
LNN has been the topic of a number of research reports. Roth Capital upgraded shares of Lindsay from a “neutral” rating to a “buy” rating in a report on Monday, October 23rd. Roth Mkm upgraded shares of Lindsay from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $128.00 to $150.00 in a report on Monday, October 23rd. StockNews.com upgraded shares of Lindsay from a “hold” rating to a “buy” rating in a report on Thursday, February 1st. Finally, Stifel Nicolaus reduced their target price on shares of Lindsay from $129.00 to $123.00 and set a “hold” rating on the stock in a report on Tuesday, December 19th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.50.
Hedge Funds Weigh In On Lindsay
Several hedge funds have recently added to or reduced their stakes in the company. Comerica Bank bought a new position in Lindsay during the 3rd quarter valued at about $682,000. The Manufacturers Life Insurance Company grew its holdings in Lindsay by 10.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 9,709 shares of the industrial products company’s stock valued at $1,143,000 after purchasing an additional 890 shares during the last quarter. Legal & General Group Plc grew its holdings in Lindsay by 11.2% during the 3rd quarter. Legal & General Group Plc now owns 102,688 shares of the industrial products company’s stock valued at $12,084,000 after purchasing an additional 10,302 shares during the last quarter. AQR Capital Management LLC grew its holdings in Lindsay by 15.0% during the 3rd quarter. AQR Capital Management LLC now owns 18,161 shares of the industrial products company’s stock valued at $2,137,000 after purchasing an additional 2,368 shares during the last quarter. Finally, LPL Financial LLC grew its holdings in Lindsay by 51.9% during the 3rd quarter. LPL Financial LLC now owns 3,987 shares of the industrial products company’s stock valued at $469,000 after purchasing an additional 1,362 shares during the last quarter. 86.28% of the stock is currently owned by institutional investors.
Lindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. It 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 brand; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems.
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