New Century Advisors LLC raised its stake in shares of Lancaster Colony Co. (NASDAQ:LANC – Get Rating) by 37.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 362 shares of the company's stock after buying an additional 99 shares during the quarter. New Century Advisors LLC's holdings in Lancaster Colony were worth $47,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Carnegie Capital Asset Management LLC grew its holdings in Lancaster Colony by 13.3% during the 2nd quarter. Carnegie Capital Asset Management LLC now owns 3,392 shares of the company's stock valued at $656,000 after buying an additional 398 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Lancaster Colony by 11.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 12,912 shares of the company's stock valued at $1,926,000 after buying an additional 1,346 shares during the last quarter. Walleye Capital LLC acquired a new stake in Lancaster Colony during the 1st quarter valued at $318,000. Range Financial Group LLC acquired a new stake in Lancaster Colony during the 1st quarter valued at $1,056,000. Finally, Advisors Asset Management Inc. grew its holdings in Lancaster Colony by 6.0% during the 1st quarter. Advisors Asset Management Inc. now owns 9,325 shares of the company's stock valued at $1,391,000 after buying an additional 526 shares during the last quarter. Institutional investors and hedge funds own 61.28% of the company's stock.
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Insider Buying and Selling at Lancaster Colony
In other Lancaster Colony news, insider David S. Nagle sold 1,369 shares of the firm's stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $169.02, for a total value of $231,388.38. Following the transaction, the insider now directly owns 7,614 shares of the company's stock, valued at $1,286,918.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Lancaster Colony news, insider David S. Nagle sold 1,369 shares of the firm's stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $169.02, for a total value of $231,388.38. Following the transaction, the insider now directly owns 7,614 shares of the company's stock, valued at $1,286,918.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David S. Nagle sold 720 shares of the firm's stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $172.51, for a total value of $124,207.20. Following the completion of the transaction, the insider now directly owns 5,842 shares in the company, valued at $1,007,803.42. The disclosure for this sale can be found here. 29.90% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
LANC has been the topic of several analyst reports. CL King initiated coverage on Lancaster Colony in a report on Tuesday, June 14th. They set a "neutral" rating on the stock. StockNews.com upgraded Lancaster Colony from a "sell" rating to a "hold" rating in a report on Friday, August 26th. Finally, TheStreet upgraded Lancaster Colony from a "c" rating to a "b" rating in a report on Monday, August 29th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $153.67.
Lancaster Colony Stock Performance
Lancaster Colony stock traded down $7.84 during midday trading on Friday, reaching $156.86. The stock had a trading volume of 6,420 shares, compared to its average volume of 153,053. Lancaster Colony Co. has a twelve month low of $116.85 and a twelve month high of $177.07. The stock has a market capitalization of $4.32 billion, a PE ratio of 50.68 and a beta of 0.04. The stock's 50-day simple moving average is $151.35 and its 200 day simple moving average is $143.59.
Lancaster Colony (NASDAQ:LANC – Get Rating) last issued its earnings results on Thursday, August 25th. The company reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.86. Lancaster Colony had a return on equity of 13.64% and a net margin of 5.34%. The firm had revenue of $452.40 million for the quarter, compared to analysts' expectations of $415.53 million. During the same quarter last year, the firm earned $1.15 earnings per share. The firm's revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts predict that Lancaster Colony Co. will post 5.85 earnings per share for the current fiscal year.
Lancaster Colony Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Thursday, September 8th. Lancaster Colony's payout ratio is currently 98.46%.
Lancaster Colony Company Profile
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Lancaster Colony Corporation manufactures and markets food products for the retail and foodservice markets in the United States. The company operates in two segments, Retail and Foodservice. It 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, Cardini's, and Girard's; flatbread wraps and pizza crusts under the Flatout brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti; frozen pasta under the Marzetti Frozen Pasta brand; and vegetable and fruit dips under the Marzetti brand.
Further Reading
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