Lindsay Corporation (LNN) will raise its quarterly dividend by 3.1 percent to 33 cents per share in 2021. This follows a dividend hike of 3.2 percent to $0.32 per share in 2020. In 2019 the irrigation equipment maker did not announce a dividend hike. The annual dividend rate has been increased for 19 consecutive years if 2021 is included.
The next dividend is payable May 28, 2021, to shareholders of record at the close of business on May 14, 2021. A new annualized dividend rate of $1.32 per share yields 0.8% at a stock price of $169.17. Lindsay will now pay shareholders an estimated annual dividend of approximately $14 million.
Lindsay Corporation manufactures and markets irrigation and infrastructure equipment and technology. The company's irrigation producs are primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The company also manufactures and markets infrastructure and road safety products. Lindsay's brands include Zimmatic, FieldNET, Barrier Systems, Road Zipper and Snoline. Lindsay was established in 1955 and has paid a dividend every year since 1996.