JPMorgan Chase & Co. Buys 1,132 Shares of Lancaster Colony Co. (NASDAQ:LANC)

JPMorgan Chase & Co. grew its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,579 shares of the company’s stock after purchasing an additional 1,132 shares during the period. JPMorgan Chase & Co. owned approximately 0.22% of Lancaster Colony worth $10,873,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Asset Management One Co. Ltd. raised its stake in Lancaster Colony by 2.3% in the third quarter. Asset Management One Co. Ltd. now owns 2,506 shares of the company’s stock valued at $442,000 after purchasing an additional 57 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Lancaster Colony by 1.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,805 shares of the company’s stock valued at $672,000 after acquiring an additional 67 shares during the period. Quantinno Capital Management LP grew its position in shares of Lancaster Colony by 0.5% in the 3rd quarter. Quantinno Capital Management LP now owns 12,568 shares of the company’s stock worth $2,219,000 after buying an additional 67 shares during the last quarter. AlphaMark Advisors LLC lifted its position in shares of Lancaster Colony by 5.2% in the 3rd quarter. AlphaMark Advisors LLC now owns 1,686 shares of the company’s stock worth $298,000 after purchasing an additional 83 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its position in shares of Lancaster Colony by 0.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 15,179 shares of the company’s stock worth $2,868,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Price Performance

LANC stock opened at $166.74 on Monday. Lancaster Colony Co. has a 1-year low of $163.20 and a 1-year high of $215.31. The business has a 50 day simple moving average of $183.21 and a two-hundred day simple moving average of $182.79. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 28.85 and a beta of 0.36.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million for the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.70 EPS. Sell-side analysts anticipate that Lancaster Colony Co. will post 6.7 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Thursday, December 5th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a yield of 2.28%. Lancaster Colony’s dividend payout ratio is 65.74%.

Analyst Upgrades and Downgrades

LANC has been the subject of several recent research reports. Stephens reiterated an “equal weight” rating and set a $196.00 target price on shares of Lancaster Colony in a report on Tuesday, November 19th. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Tuesday, November 19th. Finally, Loop Capital cut 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.

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.