1,422 Shares in Lancaster Colony Co. (NASDAQ:LANC) Acquired by Summit Financial LLC

Summit Financial LLC purchased a new stake in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,422 shares of the company's stock, valued at approximately $246,000.

Several other hedge funds have also added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in shares of Lancaster Colony in the 4th quarter worth $630,000. Allspring Global Investments Holdings LLC lifted its stake in Lancaster Colony by 24.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,177 shares of the company's stock valued at $2,281,000 after buying an additional 2,559 shares during the period. Bank of New York Mellon Corp boosted its holdings in Lancaster Colony by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 213,854 shares of the company's stock worth $37,027,000 after buying an additional 9,861 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Lancaster Colony by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company's stock worth $49,518,000 after buying an additional 5,168 shares during the period. Finally, Wealthfront Advisers LLC acquired a new stake in shares of Lancaster Colony in the 4th quarter valued at approximately $318,000. Institutional investors own 66.44% of the company's stock.

Analyst Ratings Changes

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

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Insider Activity

In related news, CEO David Alan Ciesinski sold 17,000 shares of the firm's 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 transaction, the chief executive officer now directly owns 54,644 shares of the company's stock, valued at approximately $10,447,386.36. This trade represents a 23.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.50% of the stock is owned by corporate insiders.

Lancaster Colony Trading Down 0.8 %

Shares of Lancaster Colony stock traded down $1.46 during trading on Thursday, reaching $179.80. The stock had a trading volume of 53,568 shares, compared to its average volume of 137,557. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 31.60 and a beta of 0.38. Lancaster Colony Co. has a 52 week low of $163.20 and a 52 week high of $202.63. The stock has a fifty day moving average price of $183.71 and a two-hundred day moving average price of $181.11.

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

Lancaster Colony Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 7th were paid a dividend of $0.95 per share. The ex-dividend date was Friday, March 7th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.11%. Lancaster Colony's dividend payout ratio is 66.78%.

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.