Lancaster Colony Co. (NASDAQ:LANC) Short Interest Update

Lancaster Colony Co. (NASDAQ:LANC) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 833,900 shares, an increase of 7.7% from the July 31st total of 774,100 shares. Based on an average daily trading volume, of 125,000 shares, the days-to-cover ratio is currently 6.7 days. Currently, 4.3% of the shares of the company are short sold.

Lancaster Colony Stock Performance

LANC stock opened at $170.76 on Monday. Lancaster Colony has a one year low of $158.88 and a one year high of $215.31. The company has a fifty day moving average of $186.99 and a 200-day moving average of $191.98. The stock has a market capitalization of $4.70 billion, a PE ratio of 35.43 and a beta of 0.37.

Lancaster Colony Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Monday, September 9th. Lancaster Colony’s dividend payout ratio is presently 74.69%.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average cost of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the transaction, the director now owns 5,298 shares in the company, valued at approximately $895,362. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 29.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lancaster Colony

Several institutional investors and hedge funds have recently added to or reduced their stakes in LANC. Brandes Investment Partners LP boosted its stake in shares of Lancaster Colony by 38.8% in the second quarter. Brandes Investment Partners LP now owns 3,099 shares of the company’s stock valued at $586,000 after buying an additional 866 shares in the last quarter. William B. Walkup & Associates Inc. acquired a new stake in Lancaster Colony in the second quarter valued at $685,000. Creative Planning boosted its position in shares of Lancaster Colony by 6.6% during the 2nd quarter. Creative Planning now owns 4,138 shares of the company’s stock worth $782,000 after purchasing an additional 258 shares in the last quarter. Millennium Management LLC grew its stake in shares of Lancaster Colony by 1,055.2% during the 2nd quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock worth $6,820,000 after purchasing an additional 32,966 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Lancaster Colony by 36.5% in the 2nd quarter. AQR Capital Management LLC now owns 16,811 shares of the company’s stock valued at $3,168,000 after purchasing an additional 4,493 shares in the last quarter. Institutional investors and hedge funds own 66.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Loop Capital lowered their price target on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, Stephens reduced their price objective on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Lancaster Colony has a consensus rating of “Hold” and a consensus price target of $195.75.

Lancaster Colony Company Profile

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.