Nationwide Fund Advisors raised its stake in Lancaster Colony Corp. (NASDAQ:LANC) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 45,294 shares of the company’s stock after buying an additional 1,294 shares during the period. Nationwide Fund Advisors owned approximately 0.17% of Lancaster Colony Corp. worth $5,780,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Lancaster Colony Corp. during the second quarter valued at $115,000. LS Investment Advisors LLC boosted its position in shares of Lancaster Colony Corp. by 75.1% in the second quarter. LS Investment Advisors LLC now owns 1,177 shares of the company’s stock valued at $150,000 after buying an additional 505 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Lancaster Colony Corp. by 13.4% in the first quarter. Envestnet Asset Management Inc. now owns 1,575 shares of the company’s stock valued at $174,000 after buying an additional 186 shares in the last quarter. Oakbrook Investments LLC acquired a new position in shares of Lancaster Colony Corp. during the second quarter valued at $204,000. Finally, Invictus RG acquired a new position in shares of Lancaster Colony Corp. during the first quarter valued at $180,000. Institutional investors and hedge funds own 51.93% of the company’s stock.
Lancaster Colony Corp. (NASDAQ:LANC) traded down 1.31% on Wednesday, hitting $130.86. 19,164 shares of the company were exchanged. The firm’s 50 day moving average is $132.24 and its 200 day moving average is $122.84. Lancaster Colony Corp. has a 52 week low of $95.47 and a 52 week high of $137.71. The company has a market capitalization of $3.59 billion, a P/E ratio of 29.47 and a beta of 0.73.
Lancaster Colony Corp. (NASDAQ:LANC) last posted its earnings results on Thursday, August 18th. The company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.09. Lancaster Colony Corp. had a net margin of 10.22% and a return on equity of 23.29%. The company earned $284.50 million during the quarter, compared to analysts’ expectations of $291.72 million. During the same quarter in the prior year, the company posted $0.93 earnings per share. Lancaster Colony Corp.’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts forecast that Lancaster Colony Corp. will post $4.62 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.51%. Lancaster Colony Corp.’s payout ratio is 45.05%.
Several brokerages have recently weighed in on LANC. Zacks Investment Research upgraded shares of Lancaster Colony Corp. from a “hold” rating to a “strong-buy” rating and set a $147.00 price target on the stock in a research note on Wednesday, July 13th. Wedbush reiterated a “neutral” rating and set a $106.00 price target (down previously from $121.00) on shares of Lancaster Colony Corp. in a research note on Friday, August 19th. Finally, DA Davidson lifted their price target on shares of Lancaster Colony Corp. from $120.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th.
About Lancaster Colony Corp.
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. The Company is focused on its specialty foods segment. It manufactures and sells a range of food products, including salad dressings and sauces; fruit glazes, vegetable dips and fruit dips; Greek yogurt vegetable dips and hummus; frozen garlic breads; frozen Parkerhouse style yeast dinner rolls and sweet rolls, as well as biscuits; dry egg noodles; croutons and related products; snack sticks and flatbread wraps and pizza crusts.
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