Fmr LLC Raises Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

Fmr LLC grew its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 54.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,401 shares of the company’s stock after purchasing an additional 16,074 shares during the period. Fmr LLC owned about 0.16% of Lancaster Colony worth $8,016,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blair William & Co. IL increased its stake in shares of Lancaster Colony by 2,386.6% during the second quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock worth $32,517,000 after buying an additional 165,155 shares during the period. Wesbanco Bank Inc. boosted its holdings in Lancaster Colony by 4,189.1% in the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after purchasing an additional 159,981 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Lancaster Colony in the second quarter valued at approximately $7,997,000. Millennium Management LLC boosted its holdings in shares of Lancaster Colony by 1,055.2% in the second quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock valued at $6,820,000 after acquiring an additional 32,966 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Lancaster Colony by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 520,335 shares of the company’s stock worth $98,326,000 after purchasing an additional 25,072 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Lancaster Colony Stock Performance

LANC opened at $194.26 on Thursday. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The stock’s fifty day moving average is $183.39 and its 200-day moving average is $184.06. The company has a market capitalization of $5.35 billion, a PE ratio of 33.61 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.08). Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The business had revenue of $466.56 million for the quarter, compared to analyst estimates of $468.36 million. During the same period in the previous year, the firm posted $1.70 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Lancaster Colony Co. will post 6.7 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, December 5th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio is 65.74%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Stephens reissued an “equal weight” rating and issued a $196.00 price target on shares of Lancaster Colony in a research note on Tuesday, November 19th. Loop Capital reduced their price objective on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research note on Tuesday, November 19th.

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.