Lindsay Corporation ( LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.34 per share, payable August 31, 2022, to shareholders of record at the close of business on August 17, 2022. This quarterly cash dividend rate represents a 3.0% increase in the previous quarterly indicated rate of $0.33 per share. The new annual indicated rate is $1.36 per share, up from the previous annual indicated rate of $1.32 per share.
In 2019 the irrigation equipment maker did not announce a dividend hike. The annual dividend rate has been increased for 20 consecutive years if 2022 is included. A new annualized dividend rate of $1.36 per share yields 1.0% at a stock price of $139. Lindsay will now pay shareholders an estimated annual dividend of approximately $15 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.