Nuance & Lindsay: A Turn of the Season

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The filings came across the wire on the tenth of February, 2026 – a quiet acknowledgement from Nuance Investments, LLC. They’d been shedding shares of Lindsay Corporation for seasons, a slow retreat like the tide pulling back from the shore. Now, a reversal. A buying of 133,190 shares in the last quarter of ’25, amounting to roughly sixteen million dollars, calculated on the average price. It’s a curious thing, this dance of capital, isn’t it? A fund, once moving away, now doubling down. Their stake now totals 178,571 shares, a shift worth nearly fifteen million dollars when you account for both the trade and the market’s own restless shifting.

Nuance now holds a little over two and a third percent of Lindsay, according to their 13F report. A small piece of a larger whole, yet enough to cause a ripple. Looking at their top holdings, it’s a landscape of familiar names. Clorox, a steady presence at nearly eighty million dollars. California Water Service, another dependable source, close behind. Martin Transport, Werner Enterprises, Aspen Insurance… these are the companies that keep the gears turning, the goods moving. They aren’t glamorous, but they are necessary. And in necessity, there is a certain strength.

  • Clorox: $79.33 million (8.7% of AUM)
  • California Water Service Group: $79.09 million (8.7% of AUM)
  • Martin Transport: $71.32 million (7.9% of AUM)
  • Werner Enterprises: $58.49 million (6.4% of AUM)
  • Aspen Insurance: $57.18 million (6.3% of AUM)

Lindsay’s share price, as of that same tenth of February, sat at $134.89. Up a little over five percent in the last year, but trailing the broader market by a good nine percentage points. It’s a reminder that even in a rising tide, some boats struggle to stay afloat. A company with a market capitalization of $1.43 billion, revenue of $665.90 million, and net income of $73.41 million. Numbers on a page, yes, but behind them are people, families, livelihoods.

Metric Value
Price (as of market close February 10, 2026) $134.89
Market capitalization $1.43 billion
Revenue (TTM) $665.90 million
Net income (TTM) $73.41 million

Lindsay, at its heart, is a provider of the necessities. Irrigation systems, water management, infrastructure for roads. They build the things that allow us to grow food and move goods. They serve farmers, governments, contractors. A solid, practical business. They make things that are used. And in a world increasingly obsessed with the ephemeral, with the digital dust, there’s a quiet dignity in that.

  • Provides irrigation systems, water management solutions, and road infrastructure products, including center-pivot and lateral-move irrigation systems, electronic controls, and movable barrier systems.
  • Generates revenue through the manufacturing and sales of proprietary equipment and technology, aftermarket parts, and infrastructure safety products for the agriculture and transportation sectors.
  • Serves agricultural producers, government transportation agencies, contractors, and distributors across the United States and international markets.

The question, of course, is what does this transaction mean? Nuance had been selling, then they reversed course. They’d let the stock fall, over 25% in the last quarter, and then stepped back in. It suggests they saw a value, a floor beneath the price. And they weren’t wrong. The stock has spiked in the last three months, benefiting from a shift in the market. A move toward the things that are harder to disrupt.

There’s a lot of talk about AI these days, about the industries it will reshape. The software companies are getting hammered. But the companies that make things, that rely on physical assets, those are holding up better. AI can’t build a road. It can’t irrigate a field. And while it might make those processes more efficient, it can’t eliminate the need for them. Lindsay falls into that category. Eighty-six percent of their revenue comes from irrigation, the rest from road safety. They aren’t going to be disrupted by a computer program.

At twenty times earnings, Lindsay isn’t cheap. It’s not a growth stock anymore. But it’s not outrageous, either. Nuance’s decision to buy makes sense. It’s a steady-Eddie holding. Personally, I’d look elsewhere. Lindsay is cyclical. It will rise and fall with the seasons, with the price of commodities. I prefer to hold things that will grow steadily, year after year. But for those who are looking for a solid, dependable company, a company that makes things that matter, Lindsay is worth a look. It’s a company rooted in the land, and that’s a good place to be.

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2026-02-13 00:13