Advisors Asset Management Inc. Sells 1,997 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Advisors Asset Management Inc. reduced its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 35.7% during the third quarter, HoldingsChannel.com reports. The fund owned 3,594 shares of the company’s stock after selling 1,997 shares during the quarter. Advisors Asset Management Inc.’s holdings in Lancaster Colony were worth $635,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of LANC. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Lancaster Colony in the 3rd quarter worth about $220,000. J. W. Coons Advisors LLC raised its position in Lancaster Colony by 74.9% in the third quarter. J. W. Coons Advisors LLC now owns 4,979 shares of the company’s stock worth $879,000 after acquiring an additional 2,132 shares during the period. Quest Partners LLC boosted its stake in Lancaster Colony by 29.5% in the third quarter. Quest Partners LLC now owns 7,580 shares of the company’s stock valued at $1,338,000 after acquiring an additional 1,725 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Lancaster Colony during the 3rd quarter valued at approximately $2,244,000. Finally, Dearborn Partners LLC increased its stake in shares of Lancaster Colony by 2.0% during the 3rd quarter. Dearborn Partners LLC now owns 6,115 shares of the company’s stock worth $1,080,000 after purchasing an additional 121 shares during the last quarter. Institutional investors own 66.44% of the company’s stock.

Lancaster Colony Price Performance

Lancaster Colony stock opened at $185.58 on Wednesday. The firm has a market capitalization of $5.12 billion, a P/E ratio of 32.11 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The business has a fifty day moving average price of $181.62 and a 200-day moving average price of $184.45.

Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.08). Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The company had revenue of $466.56 million during the quarter, compared to the consensus estimate of $468.36 million. During the same quarter in the prior year, the business earned $1.70 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Lancaster Colony Co. will post 6.72 earnings per share for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.80 annualized dividend and a yield of 2.05%. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is currently 65.74%.

Analyst Upgrades and Downgrades

LANC has been the subject of several research reports. StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Loop Capital cut their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Stephens reissued an “equal weight” rating and issued a $196.00 price objective on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $193.50.

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.