Lancaster Colony (NASDAQ:LANC) Stock Price Up 3.1% - Here's Why

Lancaster Colony Co. (NASDAQ:LANC - Get Free Report) shares shot up 3.1% during mid-day trading on Friday . The stock traded as high as $179.51 and last traded at $180.46. 29,712 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 134,643 shares. The stock had previously closed at $175.07.

Wall Street Analyst Weigh In

LANC has been the topic of a number of recent analyst reports. Stephens boosted their target price on Lancaster Colony from $196.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. DA Davidson boosted their price target on shares of Lancaster Colony from $192.00 to $207.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Finally, StockNews.com raised shares of Lancaster Colony from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $211.33.

Lancaster Colony Trading Up 4.3 %

The business's 50-day simple moving average is $183.22 and its 200-day simple moving average is $181.10. The company has a market cap of $5.00 billion, a PE ratio of 31.86 and a beta of 0.38.

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Lancaster Colony (NASDAQ:LANC - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $2.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.28. Lancaster Colony had a return on equity of 19.51% and a net margin of 8.26%. The firm had revenue of $509.30 million during the quarter, compared to analysts' expectations of $495.43 million. During the same quarter last year, the firm earned $1.87 earnings per share. The business's revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts predict that Lancaster Colony Co. will post 6.8 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 7th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Friday, March 7th. Lancaster Colony's payout ratio is presently 66.78%.

Insider Buying and Selling at Lancaster Colony

In related news, CEO David Alan Ciesinski sold 17,000 shares of Lancaster Colony stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $191.19, for a total value of $3,250,230.00. Following the completion of the sale, the chief executive officer now owns 54,644 shares of the company's stock, valued at approximately $10,447,386.36. The trade was a 23.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 29.50% of the company's stock.

Hedge Funds Weigh In On Lancaster Colony

Several institutional investors have recently bought and sold shares of LANC. Eagle Bay Advisors LLC acquired a new position in Lancaster Colony during the fourth quarter valued at approximately $38,000. GAMMA Investing LLC raised its holdings in Lancaster Colony by 56.4% in the 4th quarter. GAMMA Investing LLC now owns 280 shares of the company's stock worth $48,000 after acquiring an additional 101 shares during the period. Farther Finance Advisors LLC lifted its position in Lancaster Colony by 1,078.9% during the 4th quarter. Farther Finance Advisors LLC now owns 448 shares of the company's stock worth $78,000 after acquiring an additional 410 shares during the last quarter. Covestor Ltd boosted its holdings in Lancaster Colony by 48.4% during the fourth quarter. Covestor Ltd now owns 724 shares of the company's stock valued at $126,000 after acquiring an additional 236 shares during the period. Finally, KBC Group NV grew its position in shares of Lancaster Colony by 80.4% in the fourth quarter. KBC Group NV now owns 893 shares of the company's stock valued at $155,000 after purchasing an additional 398 shares during the last quarter. 66.44% of the stock is currently owned by institutional investors.

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.