Raymond James & Associates Grows Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Raymond James & Associates grew its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 31.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,303 shares of the company’s stock after buying an additional 7,089 shares during the quarter. Raymond James & Associates’ holdings in Lancaster Colony were worth $5,174,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in LANC. Opal Wealth Advisors LLC bought a new position in Lancaster Colony during the second quarter worth $28,000. V Square Quantitative Management LLC bought a new position in Lancaster Colony during the third quarter worth $27,000. GAMMA Investing LLC lifted its stake in Lancaster Colony by 115.9% during the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock worth $33,000 after purchasing an additional 95 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Lancaster Colony during the second quarter worth $38,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Lancaster Colony during the second quarter worth $74,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Lancaster Colony Stock Performance

LANC stock opened at $180.47 on Friday. Lancaster Colony Co. has a 1 year low of $161.54 and a 1 year high of $215.31. The stock’s fifty day moving average is $177.00 and its two-hundred day moving average is $184.81. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of 31.39 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). Lancaster Colony had a net margin of 8.47% and a return on equity of 19.61%. The company had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. During the same quarter in the prior year, the firm earned $1.70 earnings per share. Lancaster Colony’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts predict that Lancaster Colony Co. will post 6.99 EPS for the current fiscal year.

Lancaster Colony Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Monday, September 9th. Lancaster Colony’s dividend payout ratio is currently 62.61%.

Insider Activity at Lancaster Colony

In related news, Director Elliot K. Fullen acquired 3,000 shares of the business’s stock in a transaction that occurred on 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 purchase, the director now directly owns 5,298 shares in the company, valued at $895,362. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 29.50% of the company’s stock.

Analyst Ratings Changes

LANC has been the topic of several research analyst reports. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Friday. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Stephens cut their target price on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Loop Capital cut their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $193.50.

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.