Lancaster Colony (LANC) Hits New 1-Year High at $161.69

Lancaster Colony Corp. (NASDAQ:LANC) hit a new 52-week high during trading on Friday . The stock traded as high as $161.69 and last traded at $160.88, with a volume of 656 shares trading hands. The stock had previously closed at $160.93.

LANC has been the subject of several analyst reports. Vertical Group downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. BidaskClub raised Lancaster Colony from a “hold” rating to a “buy” rating in a report on Saturday, July 7th. Finally, CL King upped their target price on Lancaster Colony from $140.00 to $150.00 in a report on Tuesday, July 3rd.

The firm has a market cap of $4.41 billion, a P/E ratio of 36.51 and a beta of 0.88.

Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, August 23rd. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.09 by $0.09. Lancaster Colony had a return on equity of 19.36% and a net margin of 11.06%. The business had revenue of $308.17 million during the quarter, compared to the consensus estimate of $294.30 million. During the same period in the prior year, the business posted $1.01 earnings per share. Lancaster Colony’s revenue was up 6.3% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Thursday, September 6th.

In related news, VP Douglas A. Fell sold 500 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $154.90, for a total value of $77,450.00. Following the completion of the sale, the vice president now directly owns 12,215 shares of the company’s stock, valued at approximately $1,892,103.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 31.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. lifted its stake in Lancaster Colony by 7.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 227,727 shares of the company’s stock worth $31,522,000 after acquiring an additional 15,300 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Lancaster Colony by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 270,856 shares of the company’s stock worth $37,492,000 after acquiring an additional 4,720 shares in the last quarter. Chartwell Investment Partners LLC lifted its stake in Lancaster Colony by 39.2% in the 2nd quarter. Chartwell Investment Partners LLC now owns 107,847 shares of the company’s stock worth $14,928,000 after acquiring an additional 30,386 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Lancaster Colony by 3.5% in the 1st quarter. Wells Fargo & Company MN now owns 84,583 shares of the company’s stock worth $10,415,000 after acquiring an additional 2,863 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in Lancaster Colony by 1.7% in the 1st quarter. BlackRock Inc. now owns 2,048,511 shares of the company’s stock worth $252,255,000 after acquiring an additional 34,823 shares in the last quarter. 53.59% of the stock is owned by hedge funds and other institutional investors.

About Lancaster Colony (NASDAQ:LANC)

Lancaster Colony Corporation manufactures and markets specialty food products for the retail and foodservice markets in the United States. The company operates through two segments, Retail and Foodservice. It offers frozen garlic breads under the New York BRAND Bakery brand; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand name; salad dressings under the Marzetti, Simply Dressed, Simply 60, Cardini's, and Girard's brands; and vegetable dips and fruit dips under the Marzetti brand.

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