Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by Jane Street Group LLC

Jane Street Group LLC trimmed its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 26.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,178 shares of the company’s stock after selling 8,096 shares during the period. Jane Street Group LLC owned 0.08% of Lancaster Colony worth $3,916,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new position in shares of Lancaster Colony during the 3rd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Lancaster Colony in the second quarter valued at $74,000. nVerses Capital LLC acquired a new stake in shares of Lancaster Colony during the second quarter valued at $113,000. UMB Bank n.a. boosted its stake in shares of Lancaster Colony by 10.8% during the 3rd quarter. UMB Bank n.a. now owns 1,055 shares of the company’s stock worth $186,000 after purchasing an additional 103 shares during the last quarter. Finally, Olympiad Research LP purchased a new stake in shares of Lancaster Colony during the third quarter worth about $210,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LANC shares. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Loop Capital cut their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Stephens restated an “equal weight” rating and set a $196.00 price objective on shares of Lancaster Colony in a report on Tuesday, November 19th.

Lancaster Colony Price Performance

Shares of LANC opened at $182.34 on Thursday. Lancaster Colony Co. has a 12 month low of $161.54 and a 12 month high of $215.31. The stock has a market cap of $5.03 billion, a PE ratio of 31.55 and a beta of 0.35. The stock’s 50-day moving average is $184.73 and its two-hundred day moving average is $184.35.

Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.08). The firm had revenue of $466.56 million during the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. Lancaster Colony’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.70 earnings per share. On average, research analysts anticipate that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, December 5th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a yield of 2.08%. Lancaster Colony’s payout ratio is currently 65.74%.

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.