Empowered Funds LLC Makes New $2.24 Million Investment in Lancaster Colony Co. (NASDAQ:LANC)

Empowered Funds LLC bought a new position in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,707 shares of the company's stock, valued at approximately $2,244,000.

Several other large investors also recently bought and sold shares of LANC. V Square Quantitative Management LLC purchased a new stake in shares of Lancaster Colony in the 3rd quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Lancaster Colony in the 2nd quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in shares of Lancaster Colony by 115.9% in the 2nd 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. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Lancaster Colony in the 2nd quarter valued at $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Lancaster Colony in the 2nd quarter valued at $74,000. Hedge funds and other institutional investors own 66.44% of the company's stock.

Lancaster Colony Trading Up 1.5 %

NASDAQ:LANC traded up $2.77 during trading hours on Thursday, reaching $182.27. 67,073 shares of the company were exchanged, compared to its average volume of 131,043. The stock's 50-day moving average is $181.21 and its 200-day moving average is $184.70. The firm has a market cap of $5.03 billion, a PE ratio of 31.06 and a beta of 0.35. Lancaster Colony Co. has a twelve month low of $161.54 and a twelve month high of $215.31.

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

Lancaster Colony Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from Lancaster Colony's previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, December 5th. Lancaster Colony's dividend payout ratio is 62.28%.

Insider Activity

In other news, Director Elliot K. Fullen acquired 3,000 shares of the company's stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the acquisition, the director now owns 5,298 shares of the company's stock, valued at $895,362. This trade represents a 130.55 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 29.50% of the company's stock.

Analysts Set New Price Targets

LANC has been the subject of several analyst reports. Benchmark reiterated a "hold" rating on shares of Lancaster Colony in a research note on Tuesday. Stephens reiterated an "equal weight" rating and issued a $196.00 target price on shares of Lancaster Colony in a research note on Tuesday. Loop Capital decreased their target price on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Finally, StockNews.com cut shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $193.50.

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.