Lancaster Colony Co. (NASDAQ:LANC) Stake Reduced by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC lessened its holdings in Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 59.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,000 shares of the company's stock after selling 25,000 shares during the period. ArrowMark Colorado Holdings LLC owned about 0.06% of Lancaster Colony worth $3,002,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. V Square Quantitative Management LLC acquired a new position in shares of Lancaster Colony during the third quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in Lancaster Colony during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company's stock valued at $33,000 after acquiring an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Lancaster Colony during the second quarter valued at approximately $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Lancaster Colony during the second quarter worth $74,000. Institutional investors and hedge funds own 66.44% of the company's stock.

Lancaster Colony Trading Down 0.6 %

Lancaster Colony stock traded down $1.19 during midday trading on Tuesday, hitting $186.11. The stock had a trading volume of 23,405 shares, compared to its average volume of 130,503. The business has a fifty day moving average price of $182.20 and a 200 day moving average price of $184.16. Lancaster Colony Co. has a 12 month low of $161.54 and a 12 month high of $215.31. The stock has a market cap of $5.13 billion, a P/E ratio of 32.29 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts' consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million during the quarter, compared to the consensus estimate of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. Lancaster Colony's revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.70 earnings per share. On average, equities analysts anticipate that Lancaster Colony Co. will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The firm 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. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Thursday, December 5th. This is an increase from Lancaster Colony's previous quarterly dividend of $0.90. Lancaster Colony's dividend payout ratio is currently 65.74%.

Analyst Upgrades and Downgrades

LANC has been the topic of several analyst reports. Stephens reaffirmed an "equal weight" rating and set a $196.00 price target on shares of Lancaster Colony in a research note on Tuesday, November 19th. Benchmark reiterated a "hold" rating on shares of Lancaster Colony in a research note on Tuesday, November 19th. StockNews.com lowered Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Finally, Loop Capital cut their target price on Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Lancaster Colony has an average rating of "Hold" and a consensus target price of $202.67.

About Lancaster Colony

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.