Envestnet Asset Management Inc. Boosts Stock Position in Lancaster Colony Corporation (NASDAQ:LANC)

Envestnet Asset Management Inc. increased its stake in Lancaster Colony Corporation (NASDAQ:LANC) by 8.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 146,281 shares of the company’s stock after purchasing an additional 11,790 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.53% of Lancaster Colony worth $25,599,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of LANC. GAMMA Investing LLC grew its holdings in Lancaster Colony by 19,025.0% in the first quarter. GAMMA Investing LLC now owns 53,550 shares of the company’s stock worth $9,371,000 after purchasing an additional 53,270 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Lancaster Colony by 89.1% during the 4th quarter. AQR Capital Management LLC now owns 105,560 shares of the company’s stock worth $18,277,000 after buying an additional 49,734 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Lancaster Colony during the 4th quarter worth $8,558,000. Man Group plc boosted its holdings in shares of Lancaster Colony by 366.6% in the fourth quarter. Man Group plc now owns 50,241 shares of the company’s stock valued at $8,699,000 after acquiring an additional 39,474 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Lancaster Colony by 62.7% during the fourth quarter. JPMorgan Chase & Co. now owns 100,162 shares of the company’s stock worth $17,342,000 after acquiring an additional 38,583 shares during the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

NASDAQ LANC opened at $172.77 on Wednesday. The business’s fifty day moving average is $168.87 and its 200 day moving average is $176.00. The company has a market capitalization of $4.76 billion, a PE ratio of 28.09 and a beta of 0.47. Lancaster Colony Corporation has a fifty-two week low of $156.14 and a fifty-two week high of $202.63.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.07). Lancaster Colony had a net margin of 8.99% and a return on equity of 19.30%. The firm had revenue of $457.84 million during the quarter, compared to analysts’ expectations of $483.47 million. During the same quarter in the previous year, the firm posted $1.44 EPS. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts forecast that Lancaster Colony Corporation will post 6.8 EPS for the current year.

Lancaster Colony Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 6th were given a $0.95 dividend. The ex-dividend date was Friday, June 6th. This represents a $3.80 annualized dividend and a yield of 2.20%. Lancaster Colony’s dividend payout ratio is presently 61.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Benchmark upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Thursday, May 1st. Finally, Stephens lowered their target price on shares of Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lancaster Colony currently has a consensus rating of “Hold” and an average price target of $203.50.

About Lancaster Colony

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.