Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 883.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,874 shares of the company's stock after buying an additional 3,480 shares during the quarter. Point72 Asia Singapore Pte. Ltd.'s holdings in Lancaster Colony were worth $684,000 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 recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Lancaster Colony in the third quarter worth $27,000. Opal Wealth Advisors LLC purchased a new stake in Lancaster Colony in the second quarter worth about $28,000. GAMMA Investing LLC increased its stake in shares of Lancaster Colony by 115.9% during the second quarter. GAMMA Investing LLC now owns 177 shares of the company's stock valued at $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Lancaster Colony during the second quarter valued at approximately $38,000. Finally, nVerses Capital LLC bought a new stake in shares of Lancaster Colony in the 2nd quarter worth approximately $113,000. Hedge funds and other institutional investors own 66.44% of the company's stock.
Analysts Set New Price Targets
Several research firms have commented on LANC. Stephens reissued an "equal weight" rating and issued a $196.00 target price on shares of Lancaster Colony in a report on Tuesday, November 19th. Benchmark reaffirmed a "hold" rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Loop Capital cut their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Finally, StockNews.com cut Lancaster Colony from a "buy" rating to a "hold" rating in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Lancaster Colony has an average rating of "Hold" and a consensus price target of $202.67.
Get Our Latest Stock Analysis on LANC
Lancaster Colony Stock Performance
Shares of LANC traded down $0.07 during mid-day trading on Monday, hitting $185.77. 29,652 shares of the company traded hands, compared to its average volume of 130,651. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 32.15 and a beta of 0.35. The stock has a 50-day moving average price of $182.06 and a two-hundred day moving average price of $184.19. Lancaster Colony Co. has a 1 year low of $161.54 and a 1 year high of $215.31.
Lancaster Colony (NASDAQ:LANC - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the company earned $1.70 earnings per share. Lancaster Colony's quarterly revenue was up 1.1% compared to the same quarter last year. On average, analysts forecast that Lancaster Colony Co. will post 6.72 EPS for the current year.
Lancaster Colony Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be given a dividend of $0.95 per share. The ex-dividend date is Thursday, December 5th. This represents a $3.80 annualized dividend and a dividend yield of 2.05%. This is a positive change from Lancaster Colony's previous quarterly dividend of $0.90. Lancaster Colony's dividend payout ratio is presently 62.28%.
About Lancaster Colony
(
Free Report)
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.
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