Lancaster Colony Co. (NASDAQ:LANC) Shares Purchased by Dearborn Partners LLC

Dearborn Partners LLC raised its stake in Lancaster Colony Co. (NASDAQ:LANC) by 2.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,115 shares of the company’s stock after purchasing an additional 121 shares during the period. Dearborn Partners LLC’s holdings in Lancaster Colony were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. boosted its stake in Lancaster Colony by 8.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 6,935 shares of the company’s stock worth $1,225,000 after purchasing an additional 519 shares during the period. MQS Management LLC purchased a new position in shares of Lancaster Colony during the third quarter worth about $344,000. Victory Capital Management Inc. increased its position in Lancaster Colony by 14.2% in the 3rd quarter. Victory Capital Management Inc. now owns 4,782 shares of the company’s stock valued at $844,000 after acquiring an additional 596 shares during the period. GSA Capital Partners LLP lifted its position in Lancaster Colony by 223.2% during the 3rd quarter. GSA Capital Partners LLP now owns 8,022 shares of the company’s stock worth $1,416,000 after acquiring an additional 5,540 shares during the period. Finally, WCM Investment Management LLC grew its stake in shares of Lancaster Colony by 4.0% in the 3rd quarter. WCM Investment Management LLC now owns 111,507 shares of the company’s stock valued at $19,929,000 after purchasing an additional 4,306 shares during the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Loop Capital decreased their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Friday, November 1st. StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Stephens cut their price target on shares of Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Lancaster Colony currently has a consensus rating of “Hold” and an average target price of $193.50.

Lancaster Colony Trading Down 2.0 %

Shares of LANC opened at $184.18 on Friday. The firm’s 50-day moving average is $180.77 and its two-hundred day moving average is $185.06. The firm has a market capitalization of $5.08 billion, a P/E ratio of 31.87 and a beta of 0.35. Lancaster Colony Co. has a twelve month low of $161.54 and a twelve month high of $215.31.

Lancaster Colony (NASDAQ:LANC) last announced its 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 firm had revenue of $466.56 million during the quarter, compared to analyst estimates of $468.36 million. During the same period in the previous year, the firm posted $1.70 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts predict that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be issued a $0.95 dividend. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a yield of 2.06%. The ex-dividend date is Thursday, December 5th. Lancaster Colony’s dividend payout ratio is currently 62.28%.

Insider Activity

In related news, Director Elliot K. Fullen purchased 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the acquisition, the director now owns 5,298 shares in the company, valued at approximately $895,362. This trade represents a 130.55 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 29.50% of the company’s stock.

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.