BNP Paribas Financial Markets Buys 11,016 Shares of Lancaster Colony Co. (NASDAQ:LANC)

BNP Paribas Financial Markets lifted its stake in Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 70.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,570 shares of the company's stock after acquiring an additional 11,016 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.10% of Lancaster Colony worth $4,691,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake 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 acquiring an additional 25,072 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Lancaster Colony by 5.5% in the second quarter. Renaissance Technologies LLC now owns 306,080 shares of the company's stock worth $57,840,000 after acquiring an additional 15,962 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Lancaster Colony by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 241,646 shares of the company's stock worth $45,664,000 after acquiring an additional 4,327 shares during the last quarter. Blair William & Co. IL increased its stake in shares of Lancaster Colony by 2,386.6% in the second quarter. Blair William & Co. IL now owns 172,075 shares of the company's stock worth $32,517,000 after acquiring an additional 165,155 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its position in Lancaster Colony by 4,189.1% during the third 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 last quarter. 66.44% of the stock is owned by institutional investors and hedge funds.

Lancaster Colony Stock Down 0.5 %

LANC stock traded down $0.95 during mid-day trading on Wednesday, reaching $185.68. 16,625 shares of the stock traded hands, compared to its average volume of 130,353. Lancaster Colony Co. has a 52 week low of $161.54 and a 52 week high of $215.31. The business has a 50-day moving average of $182.36 and a two-hundred day moving average of $184.12. The firm has a market capitalization of $5.12 billion, a PE ratio of 32.29 and a beta of 0.35.

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 (EPS) 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 quarter last year, the company earned $1.70 earnings per share. The firm's revenue was up 1.1% on a year-over-year basis. On average, equities research analysts anticipate that Lancaster Colony Co. will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.05%. 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%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LANC shares. Benchmark reissued a "hold" rating on shares of Lancaster Colony in a research report on Tuesday, November 19th. Loop Capital lowered their target price on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. StockNews.com downgraded shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research report on Friday, August 23rd. Finally, Stephens reissued an "equal weight" rating and set a $196.00 target price on shares of Lancaster Colony in a research report on Tuesday, November 19th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $202.67.

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.