Fmr LLC Buys 16,074 Shares of Lancaster Colony Co. (NASDAQ:LANC)

FMR LLC grew its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 54.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,401 shares of the company's stock after purchasing an additional 16,074 shares during the period. FMR LLC owned approximately 0.16% of Lancaster Colony worth $8,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in LANC. Blair William & Co. IL lifted its holdings in shares of Lancaster Colony by 2,386.6% during the second quarter. Blair William & Co. IL now owns 172,075 shares of the company's stock valued at $32,517,000 after purchasing an additional 165,155 shares during the last quarter. Wesbanco Bank Inc. raised its holdings in Lancaster Colony by 4,189.1% during the 3rd quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company's stock worth $28,922,000 after buying an additional 159,981 shares during the period. F M Investments LLC purchased a new stake in Lancaster Colony during the second quarter valued at about $7,997,000. Millennium Management LLC boosted its holdings in shares of Lancaster Colony by 1,055.2% in the second quarter. Millennium Management LLC now owns 36,090 shares of the company's stock worth $6,820,000 after buying an additional 32,966 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Lancaster Colony by 5.1% in 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 during the period. Institutional investors and hedge funds own 66.44% of the company's stock.

Analysts Set New Price Targets

LANC has been the topic of a number of recent analyst reports. Loop Capital cut their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a report on Friday, November 1st. StockNews.com downgraded shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Benchmark reaffirmed a "hold" rating on shares of Lancaster Colony in a research report on Tuesday, November 19th. Finally, Stephens reiterated an "equal weight" rating and set a $196.00 price target on shares of Lancaster Colony in a report on Tuesday, November 19th.

Lancaster Colony Trading Up 1.2 %

LANC stock traded up $2.27 during midday trading on Thursday, reaching $196.53. The company had a trading volume of 128,564 shares, compared to its average volume of 130,829. The company has a 50 day moving average of $183.39 and a two-hundred day moving average of $184.06. Lancaster Colony Co. has a 1 year low of $161.54 and a 1 year high of $215.31. The company has a market capitalization of $5.42 billion, a P/E ratio of 33.61 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.08). Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The firm had revenue of $466.56 million for the quarter, compared to analysts' expectations of $468.36 million. During the same quarter in the prior year, the business posted $1.70 earnings per share. Lancaster Colony's revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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. The ex-dividend date is Thursday, December 5th. This represents a $3.80 annualized dividend and a dividend yield of 1.93%. Lancaster Colony's payout ratio is presently 65.74%.

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.