Lindsay Co. (NYSE:LNN) to Issue Dividend Increase – $0.36 Per Share

Lindsay Co. (NYSE:LNN) announced a quarterly dividend on Friday, June 28th, RTT News reports. Investors of record on Friday, August 16th will be given a dividend of 0.36 per share by the industrial products company on Friday, August 30th. This represents a $1.44 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, August 16th. This is a boost from Lindsay’s previous quarterly dividend of $0.35.

Lindsay has increased its dividend by an average of 2.8% annually over the last three years and has increased its dividend every year for the last 22 years. Lindsay has a dividend payout ratio of 25.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Lindsay to earn $5.54 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 26.0%.

Lindsay Price Performance

Lindsay stock opened at $116.97 on Wednesday. The stock has a 50-day moving average price of $117.70 and a two-hundred day moving average price of $118.53. Lindsay has a 12 month low of $106.46 and a 12 month high of $137.31. The company has a current ratio of 3.95, a quick ratio of 2.56 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.27 billion, a PE ratio of 17.75 and a beta of 0.61.

Lindsay (NYSE:LNN) last announced its earnings results on Thursday, June 27th. The industrial products company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.17 by $0.68. The firm had revenue of $139.20 million for the quarter, compared to the consensus estimate of $144.38 million. Lindsay had a return on equity of 14.41% and a net margin of 11.75%. The business’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.53 EPS. Analysts expect that Lindsay will post 5.44 EPS for the current year.

Insider Activity at Lindsay

In other news, insider James Scott Marion sold 700 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $119.00, for a total transaction of $83,300.00. Following the transaction, the insider now owns 6,278 shares of the company’s stock, valued at approximately $747,082. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.

About Lindsay

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.