Raymond James Financial Inc. Takes Position in Lancaster Colony Co. (NASDAQ:LANC)

Raymond James Financial Inc. bought a new stake in shares of Lancaster Colony Co. (NASDAQ:LANC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 49,430 shares of the company’s stock, valued at approximately $8,558,000. Raymond James Financial Inc. owned about 0.18% of Lancaster Colony at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in LANC. Victory Capital Management Inc. increased its position in shares of Lancaster Colony by 14.2% during the 3rd quarter. Victory Capital Management Inc. now owns 4,782 shares of the company’s stock valued at $844,000 after purchasing an additional 596 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Lancaster Colony during the 3rd quarter valued at $220,000. Intech Investment Management LLC grew its stake in shares of Lancaster Colony by 33.4% during the 3rd quarter. Intech Investment Management LLC now owns 7,212 shares of the company’s stock worth $1,273,000 after acquiring an additional 1,807 shares during the period. Citigroup Inc. grew its stake in shares of Lancaster Colony by 174.5% during the 3rd quarter. Citigroup Inc. now owns 20,700 shares of the company’s stock worth $3,655,000 after acquiring an additional 13,160 shares during the period. Finally, Cerity Partners LLC grew its stake in shares of Lancaster Colony by 28.4% during the 3rd quarter. Cerity Partners LLC now owns 22,573 shares of the company’s stock worth $3,986,000 after acquiring an additional 4,988 shares during the period. 66.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. StockNews.com upgraded Lancaster Colony from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. DA Davidson increased their price target on Lancaster Colony from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, Stephens increased their price target on Lancaster Colony from $196.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lancaster Colony has an average rating of “Hold” and a consensus target price of $211.33.

Lancaster Colony Stock Up 0.7 %

Shares of NASDAQ LANC opened at $175.33 on Friday. Lancaster Colony Co. has a 52 week low of $163.20 and a 52 week high of $209.08. The business has a 50-day simple moving average of $182.12 and a two-hundred day simple moving average of $181.35. The company has a market cap of $4.83 billion, a P/E ratio of 30.81 and a beta of 0.31.

Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Tuesday, February 4th. The company reported $2.22 EPS for the quarter, topping the consensus estimate of $1.94 by $0.28. Lancaster Colony had a return on equity of 19.51% and a net margin of 8.26%. The business had revenue of $509.30 million during the quarter, compared to the consensus estimate of $495.43 million. During the same quarter last year, the company earned $1.87 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that Lancaster Colony Co. will post 6.8 EPS for the current year.

Lancaster Colony Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be paid a $0.95 dividend. The ex-dividend date is Friday, March 7th. This represents a $3.80 annualized dividend and a yield of 2.17%. Lancaster Colony’s dividend payout ratio is currently 66.78%.

Insiders Place Their Bets

In other news, CEO David Alan Ciesinski sold 17,000 shares of Lancaster Colony stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,250,230.00. Following the completion of the sale, the chief executive officer now owns 54,644 shares in the company, valued at approximately $10,447,386.36. This trade represents a 23.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 29.50% of the stock is owned by corporate insiders.

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.