Anthracite Investment Company Inc. Acquires New Stake in Lancaster Colony Co. (NASDAQ:LANC)

Anthracite Investment Company Inc. purchased a new stake in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 6,821 shares of the company's stock, valued at approximately $1,204,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LANC. SG Americas Securities LLC bought a new position in shares of Lancaster Colony during the 2nd quarter valued at about $1,528,000. Leeward Investments LLC MA lifted its position in shares of Lancaster Colony by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 51,981 shares of the company's stock worth $9,823,000 after buying an additional 2,771 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Lancaster Colony in the second quarter valued at about $658,000. Van ECK Associates Corp raised its position in Lancaster Colony by 40.0% in the third quarter. Van ECK Associates Corp now owns 12,897 shares of the company's stock valued at $2,271,000 after purchasing an additional 3,686 shares during the last quarter. Finally, William B. Walkup & Associates Inc. acquired a new stake in shares of Lancaster Colony in the second quarter valued at about $685,000. 66.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Elliot K. Fullen bought 3,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were purchased at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the purchase, the director now directly owns 5,298 shares of the company's stock, valued at $895,362. This trade represents a 130.55 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 29.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LANC shares. StockNews.com lowered Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, August 23rd. Loop Capital dropped their target price on Lancaster Colony from $232.00 to $227.00 and set a "buy" rating for the company in a report on Friday, November 1st. Benchmark reissued a "hold" rating on shares of Lancaster Colony in a research report on Tuesday. Finally, Stephens restated an "equal weight" rating and issued a $196.00 price target on shares of Lancaster Colony in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $193.50.

Lancaster Colony Stock Down 0.1 %

LANC stock traded down $0.12 during midday trading on Wednesday, hitting $179.50. The company's stock had a trading volume of 147,258 shares, compared to its average volume of 131,142. The firm has a market capitalization of $4.95 billion, a P/E ratio of 31.08 and a beta of 0.35. The firm has a 50-day simple moving average of $181.11 and a 200-day simple moving average of $184.73. Lancaster Colony Co. has a 52-week low of $161.54 and a 52-week high of $215.31.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts' consensus estimates of $1.70 by ($0.08). Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The company had revenue of $466.56 million for the quarter, compared to analysts' expectations of $468.36 million. During the same period in the prior year, the firm posted $1.70 EPS. The firm's quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts expect that Lancaster Colony Co. will post 6.72 earnings per share for the current fiscal 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 is Thursday, December 5th. This represents a $3.80 dividend on an annualized basis and a yield of 2.12%. This is a positive change from Lancaster Colony's previous quarterly dividend of $0.90. Lancaster Colony's payout ratio is currently 62.28%.

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.