Cardinal Capital Management Increases Stake in Lindsay Co. (NYSE:LNN)

Cardinal Capital Management increased its position in shares of Lindsay Co. (NYSE:LNN) by 31.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,330 shares of the industrial products company’s stock after purchasing an additional 3,221 shares during the period. Cardinal Capital Management owned approximately 0.12% of Lindsay worth $1,568,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Lindsay during the fourth quarter valued at $28,000. Quest Partners LLC purchased a new stake in Lindsay in the 4th quarter valued at about $51,000. Tompkins Financial Corp grew its stake in Lindsay by 66.7% in the 1st quarter. Tompkins Financial Corp now owns 500 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 200 shares in the last quarter. CWM LLC increased its position in shares of Lindsay by 129.6% during the fourth quarter. CWM LLC now owns 489 shares of the industrial products company’s stock worth $63,000 after acquiring an additional 276 shares during the period. Finally, Windmill Hill Asset Management Ltd bought a new stake in shares of Lindsay during the fourth quarter valued at approximately $208,000. 89.94% of the stock is owned by hedge funds and other institutional investors.

Lindsay Trading Up 14.4 %

LNN opened at $129.56 on Friday. The company has a current ratio of 3.87, a quick ratio of 2.58 and a debt-to-equity ratio of 0.24. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 20.66 and a beta of 0.61. Lindsay Co. has a 12 month low of $106.46 and a 12 month high of $137.31. The stock has a fifty day moving average price of $116.46 and a 200-day moving average price of $121.37.

Lindsay (NYSE:LNN) last issued its quarterly earnings data on Thursday, June 27th. The industrial products company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.68. The firm had revenue of $139.20 million during the quarter, compared to analysts’ expectations of $144.38 million. Lindsay had a return on equity of 15.04% and a net margin of 10.74%. The firm’s quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.53 EPS. As a group, equities research analysts anticipate that Lindsay Co. will post 5.3 earnings per share for the current fiscal year.

Lindsay Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.36 per share. This is a boost from Lindsay’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.11%. Lindsay’s dividend payout ratio is 22.33%.

Wall Street Analyst Weigh In

LNN has been the topic of several research analyst reports. StockNews.com cut Lindsay from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. TheStreet downgraded Lindsay from a “b-” rating to a “c+” rating in a report on Tuesday, March 5th. Finally, Northcoast Research raised shares of Lindsay from a “neutral” rating to a “buy” rating and set a $142.00 price objective for the company in a research note on Friday, April 5th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Lindsay currently has an average rating of “Moderate Buy” and an average target price of $138.33.

Lindsay Company Profile

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.