Victory Capital Management Inc. Boosts Position in Lancaster Colony Co. (NASDAQ:LANC)

Victory Capital Management Inc. increased its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 14.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,782 shares of the company’s stock after purchasing an additional 596 shares during the quarter. Victory Capital Management Inc.’s holdings in Lancaster Colony were worth $844,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Lancaster Colony during the third quarter worth approximately $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Lancaster Colony in the second quarter valued at approximately $28,000. GAMMA Investing LLC increased its holdings in shares of Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Lancaster Colony in the second quarter valued at approximately $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Lancaster Colony in the second quarter valued at approximately $74,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

LANC opened at $186.05 on Thursday. The business’s fifty day moving average is $181.88 and its two-hundred day moving average is $184.38. The company has a market cap of $5.13 billion, a price-to-earnings ratio of 32.19 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31.

Lancaster Colony (NASDAQ:LANC) last posted its earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million for the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.70 earnings per share. On average, analysts predict that Lancaster Colony Co. will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.04%. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, December 5th. Lancaster Colony’s payout ratio is presently 62.28%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LANC. Loop Capital dropped their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Tuesday, November 19th. Stephens restated an “equal weight” rating and issued a $196.00 price target on shares of Lancaster Colony in a research note on Tuesday, November 19th. Finally, StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $202.67.

Lancaster Colony Company Profile

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.