Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance lessened its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 3.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,703 shares of the company’s stock after selling 55 shares during the quarter. Independent Advisor Alliance’s holdings in Lancaster Colony were worth $301,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of LANC. Blair William & Co. IL raised its holdings in shares of Lancaster Colony by 2,386.6% during the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock valued at $32,517,000 after buying an additional 165,155 shares during the period. Wesbanco Bank Inc. raised its stake in shares of Lancaster Colony by 4,189.1% during the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after purchasing an additional 159,981 shares during the period. F M Investments LLC acquired a new position in shares of Lancaster Colony during the second quarter worth $7,997,000. Millennium Management LLC boosted its stake in shares of Lancaster Colony by 1,055.2% in the second quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock valued at $6,820,000 after purchasing an additional 32,966 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Lancaster Colony by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 520,335 shares of the company’s stock valued at $98,326,000 after purchasing an additional 25,072 shares in the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

Shares of LANC stock opened at $186.05 on Friday. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 32.19 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 company’s 50-day simple moving average is $181.98 and its 200-day simple moving average is $184.39.

Lancaster Colony (NASDAQ:LANC) last released its earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.70 EPS. As a group, research analysts forecast that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.95 per share. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, December 5th. This represents a $3.80 annualized dividend and a yield of 2.04%. Lancaster Colony’s payout ratio is presently 62.28%.

Analysts Set New Price Targets

A number of brokerages have commented on LANC. Stephens reiterated an “equal weight” rating and issued a $196.00 price objective on shares of Lancaster Colony in a report on Tuesday, November 19th. Loop Capital reduced their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Four 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $202.67.

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.