Wesbanco Bank Inc. lowered its position in Lancaster Colony Co. (NASDAQ:LANC – Get Rating) by 2.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,070 shares of the company's stock after selling 129 shares during the period. Wesbanco Bank Inc.'s holdings in Lancaster Colony were worth $653,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in LANC. ICW Investment Advisors LLC grew its position in Lancaster Colony by 3.1% during the first quarter. ICW Investment Advisors LLC now owns 3,067 shares of the company's stock valued at $457,000 after buying an additional 93 shares during the period. New Century Advisors LLC grew its position in Lancaster Colony by 37.6% during the second quarter. New Century Advisors LLC now owns 362 shares of the company's stock valued at $47,000 after buying an additional 99 shares during the period. Louisiana State Employees Retirement System grew its position in Lancaster Colony by 2.0% during the first quarter. Louisiana State Employees Retirement System now owns 5,200 shares of the company's stock valued at $824,000 after buying an additional 100 shares during the period. Huntington National Bank grew its position in Lancaster Colony by 12.1% during the first quarter. Huntington National Bank now owns 939 shares of the company's stock valued at $140,000 after buying an additional 101 shares during the period. Finally, Hsbc Holdings PLC grew its position in Lancaster Colony by 2.3% during the first quarter. Hsbc Holdings PLC now owns 6,300 shares of the company's stock valued at $930,000 after buying an additional 144 shares during the period. Hedge funds and other institutional investors own 61.28% of the company's stock.
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Wall Street Analyst Weigh In
Several research firms recently weighed in on LANC. CL King began coverage on shares of Lancaster Colony in a research report on Tuesday, June 14th. They set a "neutral" rating for the company. TheStreet upgraded shares of Lancaster Colony from a "c" rating to a "b" rating in a research report on Monday, August 29th. Finally, StockNews.com upgraded shares of Lancaster Colony from a "sell" rating to a "hold" rating in a research report on Friday, August 26th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Lancaster Colony presently has an average rating of "Hold" and a consensus target price of $153.67.
Lancaster Colony Stock Up 1.7 %
Shares of NASDAQ:LANC opened at $162.08 on Tuesday. The firm has a market capitalization of $4.46 billion, a PE ratio of 49.87 and a beta of 0.04. Lancaster Colony Co. has a twelve month low of $116.85 and a twelve month high of $177.07. The company has a 50-day moving average price of $152.58 and a two-hundred day moving average price of $143.50.
Lancaster Colony (NASDAQ:LANC – Get Rating) last announced its quarterly earnings results on Thursday, August 25th. The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.86. Lancaster Colony had a net margin of 5.34% and a return on equity of 13.64%. The firm had revenue of $452.40 million for the quarter, compared to the consensus estimate of $415.53 million. During the same period in the prior year, the firm posted $1.15 earnings per share. The company's revenue for the quarter was up 17.3% on a year-over-year basis. Analysts anticipate that Lancaster Colony Co. will post 5.85 earnings per share for the current fiscal year.
Lancaster Colony Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders 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 dividend yield of 1.97%. The ex-dividend date is Thursday, September 8th. Lancaster Colony's payout ratio is 98.46%.
Insider Transactions at Lancaster Colony
In other news, insider David S. Nagle sold 1,369 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $169.02, for a total value of $231,388.38. Following the sale, the insider now directly owns 7,614 shares of the company's stock, valued at $1,286,918.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider David S. Nagle sold 720 shares of the firm's stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $172.51, for a total value of $124,207.20. Following the sale, the insider now directly owns 5,842 shares of the company's stock, valued at $1,007,803.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David S. Nagle sold 1,369 shares of the firm's stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $169.02, for a total transaction of $231,388.38. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at $1,286,918.28. The disclosure for this sale can be found here. Insiders own 29.90% of the company's stock.
About Lancaster Colony
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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.
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