Raymond James & Associates Has $5.17 Million Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Raymond James & Associates raised its position in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 31.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,303 shares of the company's stock after purchasing an additional 7,089 shares during the period. Raymond James & Associates owned approximately 0.11% of Lancaster Colony worth $5,174,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LANC. State of Michigan Retirement System increased its holdings in shares of Lancaster Colony by 2.0% during the first quarter. State of Michigan Retirement System now owns 5,032 shares of the company's stock worth $1,045,000 after buying an additional 100 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Lancaster Colony by 0.3% during the first quarter. Retirement Systems of Alabama now owns 25,570 shares of the company's stock worth $5,309,000 after buying an additional 67 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Lancaster Colony by 15.3% during the first quarter. BNP Paribas Financial Markets now owns 18,935 shares of the company's stock worth $3,931,000 after buying an additional 2,519 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Lancaster Colony during the first quarter worth $864,000. Finally, Consolidated Planning Corp acquired a new position in shares of Lancaster Colony during the first quarter worth $245,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, August 23rd. Stephens lowered their price target 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. Loop Capital decreased their price objective on Lancaster Colony from $232.00 to $227.00 and set a "buy" rating for the company in a report on Friday. Finally, Benchmark restated a "hold" rating on shares of Lancaster Colony in a report on Friday. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $193.50.

Lancaster Colony Price Performance

NASDAQ LANC traded up $6.87 on Friday, reaching $180.47. The company had a trading volume of 277,923 shares, compared to its average volume of 123,303. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 31.22 and a beta of 0.35. Lancaster Colony Co. has a fifty-two week low of $161.54 and a fifty-two week high of $215.31. The business has a 50 day moving average of $177.14 and a two-hundred day moving average of $184.71.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts' consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million for 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 business's revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $1.70 EPS. As a group, research analysts predict that Lancaster Colony Co. will post 6.99 earnings per share for the current fiscal year.

Lancaster Colony Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a dividend of $0.90 per share. The ex-dividend date was Monday, September 9th. This represents a $3.60 dividend on an annualized basis and a yield of 1.99%. Lancaster Colony's dividend payout ratio (DPR) is currently 62.28%.

Insider Buying and Selling at Lancaster Colony

In other news, Director Elliot K. Fullen purchased 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, with a total value of $507,000.00. Following the completion of the transaction, the director now owns 5,298 shares of the company's stock, valued at $895,362. The trade was a 100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 29.50% of the company's stock.

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.