Lancaster Colony (NASDAQ:LANC) Trading Up 9.6% After Earnings Beat

Lancaster Colony Co. (NASDAQ:LANC) shares were up 9.6% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $181.44 and last traded at $182.41. Approximately 26,362 shares traded hands during trading, a decline of 80% from the average daily volume of 131,905 shares. The stock had previously closed at $166.50.

The company reported $2.22 EPS for the quarter, beating the consensus estimate of $1.94 by $0.28. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The business had revenue of $509.30 million during the quarter, compared to analyst estimates of $495.43 million. During the same quarter last year, the firm posted $1.87 earnings per share. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LANC. Stephens reaffirmed an “equal weight” rating and set a $196.00 price objective on shares of Lancaster Colony in a research report on Tuesday, November 19th. Loop Capital cut their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a research note on Tuesday, November 19th.

Institutional Investors Weigh In On Lancaster Colony

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in Lancaster Colony by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 213,854 shares of the company’s stock valued at $37,027,000 after buying an additional 9,861 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Lancaster Colony during the 4th quarter worth about $1,355,000. Alberta Investment Management Corp increased its holdings in shares of Lancaster Colony by 36.3% in the 4th quarter. Alberta Investment Management Corp now owns 21,800 shares of the company’s stock valued at $3,774,000 after acquiring an additional 5,800 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of Lancaster Colony by 26.9% during the 4th quarter. Global Retirement Partners LLC now owns 1,932 shares of the company’s stock worth $335,000 after acquiring an additional 410 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in Lancaster Colony by 0.5% during the fourth quarter. Truist Financial Corp now owns 21,094 shares of the company’s stock worth $3,652,000 after purchasing an additional 102 shares during the last quarter. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Lancaster Colony Price Performance

The stock has a market cap of $4.99 billion, a PE ratio of 31.31 and a beta of 0.35. The firm has a 50 day moving average of $177.54 and a two-hundred day moving average of $180.84.

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.