Empowered Funds LLC Acquires Shares of 12,707 Lancaster Colony Co. (NASDAQ:LANC)

Empowered Funds LLC purchased a new position in Lancaster Colony Co. (NASDAQ:LANC - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 12,707 shares of the company's stock, valued at approximately $2,244,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Lancaster Colony by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company's stock valued at $453,913,000 after acquiring an additional 85,658 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Lancaster Colony by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 520,335 shares of the company's stock worth $98,326,000 after buying an additional 25,072 shares in the last quarter. Renaissance Technologies LLC lifted its position in Lancaster Colony by 5.5% during the second quarter. Renaissance Technologies LLC now owns 306,080 shares of the company's stock worth $57,840,000 after buying an additional 15,962 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Lancaster Colony by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 241,646 shares of the company's stock worth $45,664,000 after buying an additional 4,327 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in Lancaster Colony by 2,386.6% in the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company's stock valued at $32,517,000 after buying an additional 165,155 shares in the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Lancaster Colony Stock Performance

Shares of LANC stock opened at $179.50 on Thursday. The firm has a market cap of $4.95 billion, a P/E ratio of 31.06 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The firm's 50 day moving average price is $181.21 and its 200-day moving average price is $184.70.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.70 by ($0.08). The business had revenue of $466.56 million for the quarter, compared to analysts' expectations of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $1.70 earnings per share. As a group, research analysts predict that Lancaster Colony Co. will post 6.72 EPS 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. Stockholders of record on Thursday, December 5th will be paid a $0.95 dividend. This is a boost from Lancaster Colony's previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, December 5th. Lancaster Colony's dividend payout ratio (DPR) is presently 62.28%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on LANC shares. Loop Capital cut their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Stephens reaffirmed an "equal weight" rating and set a $196.00 price target on shares of Lancaster Colony in a research report on Tuesday. StockNews.com cut Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, August 23rd. Finally, Benchmark reissued a "hold" rating on shares of Lancaster Colony in a research note on Tuesday. Five 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, the company currently has an average rating of "Hold" and an average target price of $193.50.

Insider Activity

In other news, Director Elliot K. Fullen acquired 3,000 shares of the company's stock in a transaction on Tuesday, August 27th. The shares were bought at an average cost of $169.00 per share, with a total value of $507,000.00. Following the transaction, the director now owns 5,298 shares in the company, valued at approximately $895,362. This trade represents a 130.55 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 29.50% of the company's stock.

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.