Envestnet Asset Management Inc. Acquires 7,642 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Envestnet Asset Management Inc. increased its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 6.4% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 126,344 shares of the company’s stock after buying an additional 7,642 shares during the quarter. Envestnet Asset Management Inc. owned about 0.46% of Lancaster Colony worth $23,875,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of Lancaster Colony during the 2nd quarter valued at about $1,528,000. Capstone Investment Advisors LLC purchased a new stake in shares of Lancaster Colony during the 1st quarter valued at about $864,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Lancaster Colony during the 1st quarter valued at about $868,000. Foguth Wealth Management LLC. purchased a new stake in shares of Lancaster Colony during the 1st quarter valued at about $862,000. Finally, Leeward Investments LLC MA increased its position in shares of Lancaster Colony by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 51,981 shares of the company’s stock valued at $9,823,000 after purchasing an additional 2,771 shares during the last quarter. 66.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Lancaster Colony news, Director Elliot K. Fullen purchased 3,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was acquired at an average cost of $169.00 per share, for a total transaction of $507,000.00. Following the purchase, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 29.60% of the stock is currently owned by corporate insiders.

Lancaster Colony Trading Up 0.4 %

Shares of NASDAQ:LANC opened at $181.80 on Monday. The stock has a 50 day moving average of $183.90 and a 200 day moving average of $189.62. The company has a market cap of $5.00 billion, a PE ratio of 37.72 and a beta of 0.35. Lancaster Colony Co. has a 12-month low of $160.01 and a 12-month high of $215.31.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.06). Lancaster Colony had a return on equity of 19.61% and a net margin of 8.47%. The business had revenue of $452.83 million during the quarter, compared to the consensus estimate of $462.70 million. Equities research analysts predict that Lancaster Colony Co. will post 6.96 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.60 annualized dividend and a yield of 1.98%. Lancaster Colony’s payout ratio is 74.69%.

Wall Street Analyst Weigh In

LANC has been the subject of several research reports. StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research report on Wednesday, September 18th. Loop Capital cut their price objective on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Stephens cut their price objective on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $195.75.

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.