Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by State Street Corp

State Street Corp lowered its position in Lancaster Colony Co. (NASDAQ:LANC) by 3.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,028,207 shares of the company’s stock after selling 31,304 shares during the quarter. State Street Corp owned 3.73% of Lancaster Colony worth $181,551,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in shares of Lancaster Colony in the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lancaster Colony in the second quarter worth about $74,000. nVerses Capital LLC acquired a new stake in shares of Lancaster Colony in the 2nd quarter worth approximately $113,000. UMB Bank n.a. lifted its position in Lancaster Colony by 10.8% in the third quarter. UMB Bank n.a. now owns 1,055 shares of the company’s stock worth $186,000 after purchasing an additional 103 shares during the period. Finally, Olympiad Research LP bought a new position in Lancaster Colony during the third quarter valued at about $210,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Price Performance

LANC opened at $196.53 on Friday. The company has a market capitalization of $5.42 billion, a P/E ratio of 34.00 and a beta of 0.35. The firm’s fifty day moving average price is $183.80 and its two-hundred day moving average price is $184.14. Lancaster Colony Co. has a fifty-two week low of $161.54 and a fifty-two week high of $215.31.

Lancaster Colony (NASDAQ:LANC) last issued 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). The business had revenue of $466.56 million for the quarter, compared to analyst estimates of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. Lancaster Colony’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.70 earnings per share. On average, equities research analysts expect that Lancaster Colony Co. will post 6.7 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be given a dividend of $0.95 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.93%. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio (DPR) is 65.74%.

Analysts Set New Price Targets

LANC has been the topic of several recent analyst reports. Benchmark restated a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Loop Capital reduced their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and set a $196.00 target price on shares of Lancaster Colony in a research report on Tuesday, November 19th. Finally, StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd.

Lancaster Colony 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.