Allspring Global Investments Holdings LLC Increases Stake in Lancaster Colony Co. (NASDAQ:LANC)

Allspring Global Investments Holdings LLC increased its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 24.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,177 shares of the company's stock after acquiring an additional 2,559 shares during the period. Allspring Global Investments Holdings LLC's holdings in Lancaster Colony were worth $2,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of LANC. Independence Bank of Kentucky purchased a new stake in shares of Lancaster Colony during the fourth quarter valued at approximately $630,000. Anthracite Investment Company Inc. purchased a new stake in Lancaster Colony during the 3rd quarter valued at $1,204,000. Empowered Funds LLC bought a new stake in shares of Lancaster Colony in the 3rd quarter worth $2,244,000. Van ECK Associates Corp raised its stake in shares of Lancaster Colony by 40.0% in the third quarter. Van ECK Associates Corp now owns 12,897 shares of the company's stock worth $2,271,000 after purchasing an additional 3,686 shares during the last quarter. Finally, Trust Point Inc. purchased a new stake in shares of Lancaster Colony during the fourth quarter valued at $294,000. Hedge funds and other institutional investors own 66.44% of the company's stock.

Insider Buying and Selling

In other Lancaster Colony news, CEO David Alan Ciesinski sold 17,000 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,250,230.00. Following the completion of the transaction, the chief executive officer now owns 54,644 shares in the company, valued at $10,447,386.36. This trade represents a 23.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 29.50% of the stock is owned by insiders.

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Analysts Set New Price Targets

A number of analysts have recently commented on LANC shares. StockNews.com upgraded shares of Lancaster Colony from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. DA Davidson lifted their target price on shares of Lancaster Colony from $192.00 to $207.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Stephens increased their price target on Lancaster Colony from $196.00 to $200.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Loop Capital cut their price objective 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, Benchmark reissued a "hold" rating on shares of Lancaster Colony in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $211.33.

Lancaster Colony Price Performance

Shares of NASDAQ:LANC traded up $1.97 during mid-day trading on Tuesday, reaching $196.44. 140,545 shares of the company traded hands, compared to its average volume of 151,598. The company's 50 day moving average price is $178.13 and its 200-day moving average price is $181.00. The firm has a market cap of $5.42 billion, a PE ratio of 34.52 and a beta of 0.35. Lancaster Colony Co. has a 52 week low of $163.20 and a 52 week high of $209.81.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $2.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.28. The business had revenue of $509.30 million during the quarter, compared to analyst estimates of $495.43 million. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. The company's revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.87 earnings per share. On average, research analysts predict that Lancaster Colony Co. will post 6.8 earnings per share for the current fiscal year.

Lancaster Colony Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 1.93%. The ex-dividend date is Friday, March 7th. Lancaster Colony's dividend payout ratio (DPR) is presently 66.78%.

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.