State Street Corp Has $181.55 Million Stake in Lancaster Colony Co. (NASDAQ:LANC)

State Street Corp cut its stake in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,028,207 shares of the company's stock after selling 31,304 shares during the period. State Street Corp owned 3.73% of Lancaster Colony worth $181,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Consolidated Planning Corp increased its holdings in Lancaster Colony by 4.5% during the 2nd quarter. Consolidated Planning Corp now owns 1,232 shares of the company's stock worth $233,000 after purchasing an additional 53 shares during the period. Asset Management One Co. Ltd. boosted its position 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 in the last quarter. Creative Financial Designs Inc. ADV boosted its position in shares of Lancaster Colony by 1.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,805 shares of the company's stock worth $672,000 after purchasing an additional 67 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Lancaster Colony by 0.5% in the 3rd quarter. Quantinno Capital Management LP now owns 12,568 shares of the company's stock worth $2,219,000 after purchasing an additional 67 shares in the last quarter. Finally, AlphaMark Advisors LLC boosted its position in shares of Lancaster Colony by 5.2% in the 3rd quarter. AlphaMark Advisors LLC now owns 1,686 shares of the company's stock worth $298,000 after purchasing an additional 83 shares in the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Lancaster Colony Stock Up 0.5 %

Shares of LANC traded up $0.97 during mid-day trading on Friday, reaching $197.50. 44,483 shares of the company's stock were exchanged, compared to its average volume of 130,466. The company has a 50-day simple moving average of $183.80 and a two-hundred day simple moving average of $184.14. Lancaster Colony Co. has a 52-week low of $161.54 and a 52-week high of $215.31. The company has a market cap of $5.45 billion, a price-to-earnings ratio of 34.00 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last announced its quarterly earnings results 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). The company 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%. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.70 EPS. As a group, equities research analysts predict that Lancaster Colony Co. will post 6.7 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The business 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. The ex-dividend date is Thursday, December 5th. This represents a $3.80 annualized dividend and a dividend yield of 1.92%. This is an increase from Lancaster Colony's previous quarterly dividend of $0.90. Lancaster Colony's payout ratio is presently 65.74%.

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.