Lancaster Colony Co. (NASDAQ:LANC) Sees Significant Decrease in Short Interest

Lancaster Colony Co. (NASDAQ:LANC - Get Free Report) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 478,600 shares, a drop of 23.4% from the October 15th total of 624,500 shares. Based on an average trading volume of 145,200 shares, the short-interest ratio is presently 3.3 days. Approximately 2.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several brokerages have recently 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. Benchmark reiterated a "hold" rating on shares of Lancaster Colony in a report on Friday, November 1st. Loop Capital lowered their price target on Lancaster Colony from $232.00 to $227.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Finally, Stephens reduced their price objective on shares of Lancaster Colony from $200.00 to $196.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Lancaster Colony presently has a consensus rating of "Hold" and a consensus price target of $193.50.

Lancaster Colony Trading Down 1.9 %

LANC traded down $3.43 during trading on Friday, reaching $180.75. The stock had a trading volume of 121,205 shares, compared to its average volume of 158,642. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 31.27 and a beta of 0.35. The stock's 50 day moving average is $180.97 and its two-hundred day moving average is $184.95. Lancaster Colony has a one year low of $161.54 and a one year high of $215.31.

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 net margin of 8.49% and a return on equity of 19.01%. The company's revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $1.70 earnings per share. On average, equities research analysts predict that Lancaster Colony will post 6.72 earnings per share for the current year.

Lancaster Colony Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.95 per share. 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 dividend on an annualized basis and a yield of 2.10%. Lancaster Colony's payout ratio is presently 62.28%.

Insider Activity

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

Hedge Funds Weigh In On Lancaster Colony

Hedge funds have recently bought and sold shares of the company. Consolidated Planning Corp boosted its position in shares of Lancaster Colony by 4.5% during the second quarter. Consolidated Planning Corp now owns 1,232 shares of the company's stock valued at $233,000 after buying an additional 53 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in Lancaster Colony by 2.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 2,506 shares of the company's stock valued at $442,000 after acquiring an additional 57 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in shares of Lancaster Colony by 1.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,805 shares of the company's stock valued at $672,000 after acquiring an additional 67 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Lancaster Colony by 0.5% in the third quarter. Quantinno Capital Management LP now owns 12,568 shares of the company's stock worth $2,219,000 after acquiring an additional 67 shares during the period. Finally, AlphaMark Advisors LLC lifted its position in Lancaster Colony by 5.2% during the third quarter. AlphaMark Advisors LLC now owns 1,686 shares of the company's stock valued at $298,000 after purchasing an additional 83 shares during the period. Institutional investors own 66.44% of the company's stock.

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.

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