Stephens Reaffirms Equal Weight Rating for Lancaster Colony (NASDAQ:LANC)

Stephens reaffirmed their equal weight rating on shares of Lancaster Colony (NASDAQ:LANC - Free Report) in a research note released on Tuesday morning,Benzinga reports. They currently have a $196.00 target price on the stock.

Several other research firms also recently commented on LANC. Benchmark reaffirmed a "hold" rating on shares of Lancaster Colony in a report on Tuesday. StockNews.com lowered shares of Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, August 23rd. Finally, Loop Capital lowered their price target on Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Lancaster Colony presently has an average rating of "Hold" and a consensus target price of $193.50.

Lancaster Colony Stock Performance

Shares of Lancaster Colony stock traded down $0.42 on Tuesday, reaching $179.62. 131,344 shares of the company's stock were exchanged, compared to its average volume of 131,070. The company has a market capitalization of $4.95 billion, a P/E ratio of 31.08 and a beta of 0.35. The firm's 50-day moving average is $181.06 and its two-hundred day moving average is $184.82. Lancaster Colony has a 52 week low of $161.54 and a 52 week high of $215.31.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its 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 the consensus estimate 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 in the prior year, the business earned $1.70 EPS. On average, analysts expect that Lancaster Colony will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

The firm also recently declared 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. This represents a $3.80 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, December 5th. Lancaster Colony's dividend payout ratio (DPR) is presently 62.28%.

Insiders Place Their Bets

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 cost of $169.00 per share, with a total value of $507,000.00. Following the transaction, the director now owns 5,298 shares in the company, valued at $895,362. The trade was a 130.55 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 29.50% of the company's stock.

Hedge Funds Weigh In On Lancaster Colony

A number of institutional investors have recently added to or reduced their stakes in LANC. V Square Quantitative Management LLC bought a new position in shares of Lancaster Colony during the third quarter valued at $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Lancaster Colony during the 2nd quarter valued at about $28,000. GAMMA Investing LLC grew its stake in shares of Lancaster Colony by 115.9% during the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company's stock valued at $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. purchased a new position in shares of Lancaster Colony in the second quarter worth approximately $74,000. Institutional investors own 66.44% of the company's stock.

Lancaster Colony Company 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.