Diamond Hill Capital Management Inc. Lowers Stake in Lancaster Colony Co. (NASDAQ:LANC)

Diamond Hill Capital Management Inc. lessened its holdings in Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 471,039 shares of the company's stock after selling 18,010 shares during the period. Diamond Hill Capital Management Inc. owned about 1.71% of Lancaster Colony worth $83,171,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Lancaster Colony in the 3rd quarter worth approximately $27,000. Opal Wealth Advisors LLC bought a new position in shares of Lancaster Colony in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC lifted its stake in shares of Lancaster Colony by 115.9% in the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company's stock worth $33,000 after purchasing an additional 95 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Lancaster Colony in the 2nd quarter worth approximately $38,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Lancaster Colony in the 2nd quarter worth approximately $74,000. Institutional investors own 66.44% of the company's stock.

Wall Street Analysts Forecast Growth

LANC has been the topic of several recent research reports. StockNews.com cut shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Benchmark restated a "hold" rating on shares of Lancaster Colony in a research note on Friday, November 1st. Stephens cut their price objective on shares of Lancaster Colony from $200.00 to $196.00 and set an "equal weight" rating for the company in a report on Friday, November 1st. Finally, 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 report on Friday, November 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $193.50.

Insider Buying and Selling at Lancaster Colony

In other news, Director Elliot K. Fullen acquired 3,000 shares of the business's 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. The trade was a 100.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 29.50% of the company's stock.

Lancaster Colony Trading Up 0.2 %

LANC traded up $0.49 during trading hours on Monday, hitting $197.70. The company's stock had a trading volume of 39,360 shares, compared to its average volume of 130,635. The business's 50-day moving average price is $179.62 and its 200-day moving average price is $184.95. Lancaster Colony Co. has a 12 month low of $161.54 and a 12 month high of $215.31. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 34.12 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share 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 firm earned $1.70 EPS. The company's revenue was up 1.1% on a year-over-year basis. On average, analysts forecast that Lancaster Colony Co. will post 6.72 earnings per share for the current year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given 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 of this dividend is Thursday, December 5th. This represents a $3.80 dividend on an annualized basis and a yield of 1.92%. Lancaster Colony's payout ratio is 62.28%.

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.