Lancaster Colony (LANC) Lowered to “Buy” at BidaskClub

BidaskClub lowered shares of Lancaster Colony (NASDAQ:LANC) from a strong-buy rating to a buy rating in a research report sent to investors on Friday.

A number of other equities analysts have also recently commented on the company. CL King cut Lancaster Colony from a buy rating to a neutral rating in a report on Friday, August 10th. They noted that the move was a valuation call. ValuEngine upgraded Lancaster Colony from a hold rating to a buy rating in a research note on Friday, October 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $150.00.

Shares of Lancaster Colony stock opened at $179.00 on Friday. Lancaster Colony has a 12 month low of $115.81 and a 12 month high of $189.34. The stock has a market cap of $4.96 billion, a P/E ratio of 38.04 and a beta of 0.54.

Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, October 25th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.15. Lancaster Colony had a return on equity of 20.23% and a net margin of 11.68%. The company had revenue of $316.65 million during the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Thursday, December 6th. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.60.

In other news, SVP Timothy A. Tate sold 747 shares of Lancaster Colony stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $176.01, for a total value of $131,479.47. Following the completion of the transaction, the senior vice president now owns 1,563 shares in the company, valued at approximately $275,103.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 31.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Lancaster Colony by 1.3% in the 3rd quarter. BlackRock Inc. now owns 2,183,880 shares of the company’s stock valued at $325,857,000 after buying an additional 27,045 shares during the period. Vanguard Group Inc. raised its position in shares of Lancaster Colony by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,035,582 shares of the company’s stock worth $303,729,000 after acquiring an additional 44,487 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Lancaster Colony by 0.8% during the 2nd quarter. Renaissance Technologies LLC now owns 738,400 shares of the company’s stock worth $102,209,000 after acquiring an additional 5,900 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Lancaster Colony by 0.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 511,862 shares of the company’s stock worth $76,373,000 after acquiring an additional 1,964 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Lancaster Colony by 0.7% during the 2nd quarter. Northern Trust Corp now owns 320,879 shares of the company’s stock worth $44,416,000 after acquiring an additional 2,384 shares in the last quarter. Institutional investors and hedge funds own 53.55% of the company’s stock.

Lancaster Colony Company Profile

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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