Millennium Management LLC Has $6.82 Million Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

Millennium Management LLC increased its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 1,055.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,090 shares of the company’s stock after purchasing an additional 32,966 shares during the period. Millennium Management LLC owned approximately 0.13% of Lancaster Colony worth $6,820,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in Lancaster Colony by 36.5% in the second quarter. AQR Capital Management LLC now owns 16,811 shares of the company’s stock valued at $3,168,000 after acquiring an additional 4,493 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Lancaster Colony during the second quarter valued at approximately $74,000. Squarepoint Ops LLC boosted its position in shares of Lancaster Colony by 55.7% during the second quarter. Squarepoint Ops LLC now owns 32,519 shares of the company’s stock valued at $6,145,000 after buying an additional 11,631 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Lancaster Colony by 305.4% during the second quarter. Marshall Wace LLP now owns 9,360 shares of the company’s stock valued at $1,769,000 after buying an additional 7,051 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Lancaster Colony by 0.8% during the second quarter. Ameritas Investment Partners Inc. now owns 16,017 shares of the company’s stock valued at $3,027,000 after buying an additional 128 shares during the last quarter. Institutional investors and hedge funds own 66.44% of the company’s stock.

Insider Buying and Selling

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of Lancaster Colony stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 5,298 shares in the company, valued at $895,362. This represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 29.60% of the stock is owned by company insiders.

Lancaster Colony Stock Performance

NASDAQ:LANC opened at $178.22 on Friday. Lancaster Colony Co. has a 52-week low of $160.01 and a 52-week high of $215.31. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 36.98 and a beta of 0.35. The business’s fifty day moving average is $181.18 and its 200 day moving average is $187.45.

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

Lancaster Colony Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Monday, September 9th. Lancaster Colony’s payout ratio is 74.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LANC. Loop Capital dropped their price target on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Wednesday, September 18th. Stephens lowered their target price on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a research note on Friday, August 23rd. Finally, StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lancaster Colony currently 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.