Citigroup Inc. Purchases 13,160 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Citigroup Inc. lifted its position in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 174.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,700 shares of the company's stock after buying an additional 13,160 shares during the quarter. Citigroup Inc. owned about 0.08% of Lancaster Colony worth $3,655,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of LANC. V Square Quantitative Management LLC acquired a new position in Lancaster Colony in the third quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Lancaster Colony during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC increased its stake 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Lancaster Colony during the second quarter worth $74,000. Finally, nVerses Capital LLC acquired a new stake in shares of Lancaster Colony in the 2nd quarter valued at $113,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Lancaster Colony Price Performance

Shares of NASDAQ:LANC traded down $0.45 during midday trading on Thursday, hitting $184.15. 89,488 shares of the company's stock were exchanged, compared to its average volume of 130,476. Lancaster Colony Co. has a 12 month low of $161.54 and a 12 month high of $215.31. The company has a market cap of $5.08 billion, a PE ratio of 31.94 and a beta of 0.35. The stock has a 50 day moving average price of $182.50 and a 200-day moving average price of $184.13.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last released 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). Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The firm had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. During the same period in the previous year, the business earned $1.70 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts anticipate that Lancaster Colony Co. will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This is a positive change from Lancaster Colony's previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a dividend yield of 2.06%. Lancaster Colony's payout ratio is presently 62.28%.

Analysts Set New Price Targets

A number of research firms have issued reports on LANC. StockNews.com cut shares of Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, August 23rd. Stephens reaffirmed an "equal weight" rating and set a $196.00 target price on shares of Lancaster Colony in a research note on Tuesday, November 19th. Benchmark reissued a "hold" rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Loop Capital reduced their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.