Lancaster Colony Co. (NASDAQ:LANC) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp raised its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 40.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,897 shares of the company's stock after acquiring an additional 3,686 shares during the quarter. Van ECK Associates Corp's holdings in Lancaster Colony were worth $2,271,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of Lancaster Colony during the third quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in Lancaster Colony in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC raised its holdings in shares of Lancaster Colony by 115.9% during the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company's stock worth $33,000 after acquiring an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Lancaster Colony in the second quarter valued at $38,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lancaster Colony during the second quarter valued at $74,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Lancaster Colony Trading Down 0.8 %

Shares of LANC traded down $1.50 during midday trading on Monday, reaching $195.71. 120,884 shares of the stock were exchanged, compared to its average volume of 131,016. Lancaster Colony Co. has a 52 week low of $161.54 and a 52 week high of $215.31. The company's 50 day moving average is $179.62 and its two-hundred day moving average is $184.95. The company has a market capitalization of $5.40 billion, a P/E ratio of 33.91 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last announced 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). The business had revenue of $466.56 million during the quarter, compared to analysts' expectations of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. Lancaster Colony's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.70 EPS. On average, sell-side analysts expect that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be paid 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 dividend yield of 1.94%. The ex-dividend date is Thursday, December 5th. Lancaster Colony's dividend payout ratio is 62.28%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on LANC. Benchmark reaffirmed a "hold" rating on shares of Lancaster Colony in a research note on Friday, November 1st. StockNews.com cut shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Stephens dropped their target price on Lancaster Colony from $200.00 to $196.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. Finally, Loop Capital reduced 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 research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Lancaster Colony currently has an average rating of "Hold" and an average target price of $193.50.

Insider Activity at Lancaster Colony

In other news, Director Elliot K. Fullen acquired 3,000 shares of Lancaster Colony stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the purchase, the director now directly owns 5,298 shares in the company, valued at $895,362. The trade was a 100.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 29.50% of the stock is owned by corporate insiders.

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.