HighTower Advisors LLC Lowers Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

HighTower Advisors LLC reduced its position in Lancaster Colony Co. (NASDAQ:LANC) by 10.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,659 shares of the company’s stock after selling 449 shares during the quarter. HighTower Advisors LLC’s holdings in Lancaster Colony were worth $652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LANC. V Square Quantitative Management LLC purchased a new stake in Lancaster Colony during the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Lancaster Colony in the second quarter worth $74,000. nVerses Capital LLC acquired a new position in Lancaster Colony during the 2nd quarter worth $113,000. UMB Bank n.a. increased its position in shares of Lancaster Colony by 10.8% in the 3rd 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 last quarter. Finally, Olympiad Research LP acquired a new stake in shares of Lancaster Colony in the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

NASDAQ LANC opened at $182.56 on Friday. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The company has a 50-day simple moving average of $184.82 and a 200-day simple moving average of $184.33. The firm has a market capitalization of $5.03 billion, a PE ratio of 31.58 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The company had revenue of $466.56 million during 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%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.70 earnings per share. Equities analysts forecast that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The business also recently disclosed 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 of this dividend is Thursday, December 5th. This represents a $3.80 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is currently 65.74%.

Analysts Set New Price Targets

A number of equities analysts recently commented on LANC shares. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Loop Capital lowered 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. Finally, Stephens reissued an “equal weight” rating and set a $196.00 price target on shares of Lancaster Colony in a research report on Tuesday, November 19th.

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.