First Trust Advisors LP Reduces Position in Lancaster Colony Corp. (LANC)
First Trust Advisors LP lowered its position in Lancaster Colony Corp. (NASDAQ:LANC) by 63.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,024 shares of the company’s stock after selling 31,077 shares during the period. First Trust Advisors LP owned about 0.07% of Lancaster Colony Corp. worth $2,300,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Virginia Retirement System purchased a new position in shares of Lancaster Colony Corp. during the first quarter worth about $265,000. Algert Global LLC purchased a new position in shares of Lancaster Colony Corp. during the first quarter worth about $657,000. BlackRock Inc. raised its position in shares of Lancaster Colony Corp. by 60.4% in the first quarter. BlackRock Inc. now owns 26,114 shares of the company’s stock valued at $2,887,000 after buying an additional 9,834 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Lancaster Colony Corp. by 5.1% in the first quarter. JPMorgan Chase & Co. now owns 9,095 shares of the company’s stock valued at $1,005,000 after buying an additional 445 shares during the last quarter. Finally, State Street Corp raised its position in shares of Lancaster Colony Corp. by 118.9% in the first quarter. State Street Corp now owns 1,362,630 shares of the company’s stock valued at $150,663,000 after buying an additional 740,124 shares during the last quarter. Institutional investors and hedge funds own 51.93% of the company’s stock.
Lancaster Colony Corp. (NASDAQ:LANC) traded up 1.09% during mid-day trading on Thursday, hitting $133.21. 68,558 shares of the stock traded hands. The stock has a 50 day moving average price of $131.78 and a 200 day moving average price of $121.97. Lancaster Colony Corp. has a 12-month low of $95.47 and a 12-month high of $137.71. The firm has a market cap of $3.65 billion, a PE ratio of 30.00 and a beta of 0.73.
Lancaster Colony Corp. (NASDAQ:LANC) last posted its quarterly earnings results on Thursday, August 18th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.09. Lancaster Colony Corp. had a net margin of 10.22% and a return on equity of 23.29%. The company had revenue of $284.50 million for the quarter, compared to the consensus estimate of $291.72 million. During the same period last year, the firm posted $0.93 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts expect that Lancaster Colony Corp. will post $4.62 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a $0.50 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.52%. Lancaster Colony Corp.’s payout ratio is currently 45.05%.
Several research analysts have weighed in on LANC shares. Zacks Investment Research lowered shares of Lancaster Colony Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. DA Davidson upped their target price on shares of Lancaster Colony Corp. from $120.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, August 8th. Finally, Wedbush restated a “neutral” rating and set a $106.00 target price (down from $121.00) on shares of Lancaster Colony Corp. in a research report on Friday, August 19th.
About Lancaster Colony Corp.
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. The Company is focused on its specialty foods segment. It manufactures and sells a range of food products, including salad dressings and sauces; fruit glazes, vegetable dips and fruit dips; Greek yogurt vegetable dips and hummus; frozen garlic breads; frozen Parkerhouse style yeast dinner rolls and sweet rolls, as well as biscuits; dry egg noodles; croutons and related products; snack sticks and flatbread wraps and pizza crusts.
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