Lancaster Colony Co. (NASDAQ:LANC) Short Interest Update

Lancaster Colony Co. (NASDAQ:LANC) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 745,400 shares, a growth of 26.1% from the June 30th total of 591,000 shares. Based on an average trading volume of 111,700 shares, the short-interest ratio is currently 6.7 days. Currently, 3.9% of the company’s shares are sold short.

Lancaster Colony Stock Performance

NASDAQ LANC traded up $3.30 during trading hours on Tuesday, reaching $189.50. 20,834 shares of the company’s stock were exchanged, compared to its average volume of 123,904. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 39.02 and a beta of 0.37. The company’s 50-day moving average is $186.75 and its two-hundred day moving average is $191.45. Lancaster Colony has a one year low of $158.88 and a one year high of $215.31.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.02. The company had revenue of $471.40 million during the quarter, compared to the consensus estimate of $467.90 million. Lancaster Colony had a net margin of 7.10% and a return on equity of 18.96%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.89 earnings per share. Research analysts predict that Lancaster Colony will post 6.45 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, June 7th. Lancaster Colony’s dividend payout ratio is 74.69%.

Analyst Ratings Changes

LANC has been the subject of a number of analyst reports. StockNews.com upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Stephens restated an “equal weight” rating and issued a $218.00 price objective on shares of Lancaster Colony in a research report on Friday, May 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Lancaster Colony currently has a consensus rating of “Hold” and an average price target of $198.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in Lancaster Colony in the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC lifted its position in shares of Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock worth $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Lancaster Colony during the second quarter worth $38,000. Brown Brothers Harriman & Co. bought a new position in Lancaster Colony in the fourth quarter valued at $67,000. Finally, Clarity Asset Management Inc. bought a new position in Lancaster Colony in the fourth quarter valued at $70,000. 66.44% of the stock is owned by institutional investors and hedge funds.

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.