Lancaster Colony Co. (NASDAQ:LANC) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP grew its holdings in Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 243.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,630 shares of the company's stock after purchasing an additional 59,261 shares during the quarter. Wellington Management Group LLP owned approximately 0.30% of Lancaster Colony worth $14,767,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of LANC. V Square Quantitative Management LLC acquired a new position in shares of Lancaster Colony in the third quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Lancaster Colony in the second quarter valued at $74,000. nVerses Capital LLC purchased a new position in Lancaster Colony during the second quarter worth about $113,000. UMB Bank n.a. boosted its stake in Lancaster Colony by 10.8% in the 3rd quarter. UMB Bank n.a. now owns 1,055 shares of the company's stock worth $186,000 after buying an additional 103 shares during the last quarter. Finally, Olympiad Research LP purchased a new stake in Lancaster Colony in the 3rd quarter valued at about $210,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Lancaster Colony Trading Up 0.8 %

Shares of LANC traded up $1.57 during midday trading on Friday, reaching $198.10. 116,127 shares of the company were exchanged, compared to its average volume of 130,767. Lancaster Colony Co. has a 1-year low of $161.54 and a 1-year high of $215.31. The company has a market cap of $5.46 billion, a price-to-earnings ratio of 34.27 and a beta of 0.35. The stock has a 50-day moving average price of $184.23 and a 200-day moving average price of $184.26.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share (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 analysts' expectations of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.70 EPS. Equities research analysts anticipate that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given a $0.95 dividend. 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 yield of 1.92%. The ex-dividend date of this dividend is Thursday, December 5th. Lancaster Colony's dividend payout ratio is presently 65.74%.

Analyst Upgrades and Downgrades

LANC has been the subject of a number of recent analyst reports. Stephens restated an "equal weight" rating and issued a $196.00 target price on shares of Lancaster Colony in a report on Tuesday, November 19th. Loop Capital dropped 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, November 1st. StockNews.com lowered Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Finally, Benchmark reiterated a "hold" rating on shares of Lancaster Colony in a report on Tuesday, November 19th.

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.