Analysts Set Lancaster Colony Co. (NASDAQ:LANC) PT at $193.50

Shares of Lancaster Colony Co. (NASDAQ:LANC) have been given an average recommendation of “Hold” by the five analysts that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $193.50.

Several brokerages have commented on LANC. Benchmark reissued a “hold” rating on shares of Lancaster Colony in a report on Friday, November 1st. Loop Capital reduced their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Stephens lowered their price target on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd.

Lancaster Colony Stock Performance

Shares of NASDAQ LANC opened at $197.22 on Wednesday. Lancaster Colony has a fifty-two week low of $161.54 and a fifty-two week high of $215.31. The stock has a market cap of $5.44 billion, a PE ratio of 34.12 and a beta of 0.35. The stock has a fifty day moving average of $179.62 and a 200-day moving average of $184.99.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly 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 company had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. During the same quarter in the prior year, the company earned $1.70 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that Lancaster Colony will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be issued a $0.95 dividend. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, December 5th. Lancaster Colony’s dividend payout ratio is presently 62.28%.

Insider Activity

In other news, Director Elliot K. Fullen bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the transaction, the director now directly owns 5,298 shares of the company’s stock, valued at $895,362. This represents a 100.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 29.50% of the company’s stock.

Institutional Trading of Lancaster Colony

Several institutional investors have recently added to or reduced their stakes in the business. Blair William & Co. IL lifted its stake in shares of Lancaster Colony by 2,386.6% in the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock valued at $32,517,000 after acquiring an additional 165,155 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in shares of Lancaster Colony by 4,189.1% during the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after purchasing an additional 159,981 shares during the period. Vanguard Group Inc. grew its holdings in shares of Lancaster Colony by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock worth $453,913,000 after purchasing an additional 85,658 shares during the last quarter. F M Investments LLC purchased a new position in shares of Lancaster Colony in the second quarter worth $7,997,000. Finally, Millennium Management LLC raised its holdings in Lancaster Colony by 1,055.2% during the 2nd quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock valued at $6,820,000 after buying an additional 32,966 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

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.