Lancaster Colony Co. (NASDAQ:LANC) Sees Large Decrease in Short Interest

Lancaster Colony Co. (NASDAQ:LANC) saw a large drop in short interest in June. As of June 15th, there was short interest totalling 578,500 shares, a drop of 18.0% from the May 31st total of 705,100 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average daily trading volume, of 108,500 shares, the short-interest ratio is currently 5.3 days.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. StockNews.com raised shares of Lancaster Colony from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Stephens reissued an “equal weight” rating and set a $218.00 price target on shares of Lancaster Colony in a research report on Friday, May 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $198.75.

Institutional Trading of Lancaster Colony

Several hedge funds have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. purchased a new position in Lancaster Colony during the fourth quarter worth $67,000. Clarity Asset Management Inc. bought a new stake in Lancaster Colony during the 4th quarter valued at $70,000. Covestor Ltd increased its holdings in shares of Lancaster Colony by 27.5% in the 1st quarter. Covestor Ltd now owns 551 shares of the company’s stock valued at $115,000 after acquiring an additional 119 shares during the period. Principal Securities Inc. bought a new position in shares of Lancaster Colony in the 4th quarter worth $129,000. Finally, UMB Bank n.a. lifted its stake in shares of Lancaster Colony by 11.8% during the 4th quarter. UMB Bank n.a. now owns 894 shares of the company’s stock worth $149,000 after purchasing an additional 94 shares during the last quarter. Institutional investors own 66.44% of the company’s stock.

Lancaster Colony Stock Up 0.6 %

Shares of Lancaster Colony stock opened at $188.97 on Friday. Lancaster Colony has a twelve month low of $158.88 and a twelve month high of $215.31. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 39.21 and a beta of 0.37. The company’s 50 day moving average is $188.67 and its 200 day moving average is $188.01.

Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.42 by $0.02. The firm had revenue of $471.40 million during the quarter, compared to analyst estimates of $467.90 million. Lancaster Colony had a net margin of 7.10% and a return on equity of 18.96%. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.89 EPS. Sell-side analysts expect that Lancaster Colony will post 6.45 EPS for the current fiscal year.

Lancaster Colony Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.90 dividend. The ex-dividend date was Friday, June 7th. This represents a $3.60 annualized dividend and a dividend yield of 1.91%. Lancaster Colony’s dividend payout ratio (DPR) is 74.69%.

About Lancaster Colony

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company 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, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.