Here’s Why Diamond Hill Small Cap Believes in Lancaster Colony Corporation (LANC)’s Prospects
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The market delivered positive returns in a volatile first quarter across most regions. Diamond Hill Small Cap Fund outperformed its benchmark, the Russell 2000 Index, in Q1 and returned 7.11% while the benchmark return was 5.18% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Diamond Hill Small Cap Fund featured stocks like Lancaster Colony Corporation (NASDAQ:LANC) in the first quarter 2024 investor letter. Established in 1961, Lancaster Colony Corporation (NASDAQ:LANC) manufactures and markets specialty food products for the retail and foodservice channels. On May 13, 2024, Lancaster Colony Corporation (NASDAQ:LANC) stock closed at $194.92 per share. One-month return of Lancaster Colony Corporation (NASDAQ:LANC) was 2.73%, and its shares lost 6.78% of their value over the last 52 weeks. Lancaster Colony Corporation (NASDAQ:LANC) has a market capitalization of $5.373 billion.
Diamond Hill Small Cap Fund stated the following regarding Lancaster Colony Corporation (NASDAQ:LANC) in its first quarter 2024 investor letter:
"On an individual holdings’ basis, among our top Q1 contributors were Red Rock Resorts and Lancaster Colony Corporation (NASDAQ:LANC). Sales of packaged food products manufacturer Lancaster Colony Corporation’s licensed sauces — particularly its Chick-fil-A and Olive Garden brands — grew nicely in the quarter, contributing to solid top-line growth and gross margin improvement. We believe the company is well-managed with a long-term plan for growth which is focused on controlling costs via efficient supply chain management while maintaining and growing its leading positions in six retail food categories."
A retired farmer in a wheat field, pleased with the quality of a Food products product he purchased from the company.
Lancaster Colony Corporation (NASDAQ:LANC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lancaster Colony Corporation (NASDAQ:LANC) was held by 21 hedge fund portfolios, compared to 13 in the previous quarter, according to our database.
Lancaster Colony Corporation (NASDAQ:LANC) stock appreciated 25% in the first quarter. The London Company SMID Cap Strategy expressed confidence in Lancaster Colony Corporation’s (NASDAQ:LANC) outlook in its first quarter 2024 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
