Lancaster Colony Co. (NASDAQ:LANC – Get Rating) traded down 1.8% on Tuesday . The stock traded as low as $159.00 and last traded at $159.15. 876 shares were traded during mid-day trading, a decline of 99% from the average session volume of 138,933 shares. The stock had previously closed at $162.08.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on LANC shares. StockNews.com raised shares of Lancaster Colony from a "sell" rating to a "hold" rating in a report on Friday, August 26th. TheStreet upgraded shares of Lancaster Colony from a "c" rating to a "b" rating in a research report on Monday, August 29th. Finally, CL King initiated coverage on Lancaster Colony in a report on Tuesday, June 14th. They set a "neutral" rating on the stock. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $153.67.
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The stock has a market cap of $4.26 billion, a P/E ratio of 49.87 and a beta of 0.04. The stock's 50-day moving average is $152.58 and its 200-day moving average is $143.50.
Lancaster Colony (NASDAQ:LANC – Get Rating) last posted its quarterly earnings data on Thursday, August 25th. The company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.86. Lancaster Colony had a net margin of 5.34% and a return on equity of 13.64%. The business had revenue of $452.40 million during the quarter, compared to analysts' expectations of $415.53 million. During the same period last year, the firm posted $1.15 earnings per share. The business's revenue was up 17.3% on a year-over-year basis. On average, equities analysts forecast that Lancaster Colony Co. will post 5.85 EPS for the current year.Lancaster Colony Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, September 8th. Lancaster Colony's dividend payout ratio is presently 98.46%.
Insider Activity
In related news, insider David S. Nagle sold 720 shares of Lancaster Colony stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $172.51, for a total transaction of $124,207.20. Following the transaction, the insider now directly owns 5,842 shares of the company's stock, valued at $1,007,803.42. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Lancaster Colony news, insider David S. Nagle sold 1,369 shares of the company's stock in a transaction on 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 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 through this link. Also, insider David S. Nagle sold 720 shares of the firm's stock in a transaction on Wednesday, September 7th. The stock was 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 disclosure for this sale can be found here. Insiders own 29.90% of the company's stock.
Institutional Investors Weigh In On Lancaster Colony
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Stock Yards Bank & Trust Co. purchased a new position in Lancaster Colony in the 2nd quarter worth about $673,000. Summit Global Investments increased its position in shares of Lancaster Colony by 12.1% in the second quarter. Summit Global Investments now owns 3,700 shares of the company's stock worth $476,000 after acquiring an additional 400 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Lancaster Colony by 10.9% during the second quarter. Captrust Financial Advisors now owns 2,432 shares of the company's stock valued at $313,000 after acquiring an additional 240 shares during the period. Walleye Capital LLC lifted its position in shares of Lancaster Colony by 146.0% in the 2nd quarter. Walleye Capital LLC now owns 5,247 shares of the company's stock valued at $676,000 after acquiring an additional 3,114 shares in the last quarter. Finally, Dean Investment Associates LLC acquired a new position in Lancaster Colony in the 2nd quarter worth approximately $2,064,000. 61.28% of the stock is owned by institutional investors and hedge funds.
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.
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