Allspring Global Investments Holdings LLC Purchases 11,968 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Allspring Global Investments Holdings LLC lifted its position in shares of Lancaster Colony Co. (NASDAQ:LANCGet Rating) by 2,745.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,404 shares of the company’s stock after acquiring an additional 11,968 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Lancaster Colony were worth $1,864,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in LANC. Wipfli Financial Advisors LLC acquired a new stake in shares of Lancaster Colony during the third quarter worth $29,000. New Century Advisors LLC grew its stake in shares of Lancaster Colony by 37.6% during the second quarter. New Century Advisors LLC now owns 362 shares of the company’s stock worth $47,000 after purchasing an additional 99 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Lancaster Colony by 32.7% during the second quarter. Nisa Investment Advisors LLC now owns 406 shares of the company’s stock worth $52,000 after purchasing an additional 100 shares during the period. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Lancaster Colony by 115.6% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 485 shares of the company’s stock worth $62,000 after purchasing an additional 260 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in shares of Lancaster Colony by 563.9% during the second quarter. Quadrant Capital Group LLC now owns 478 shares of the company’s stock worth $62,000 after purchasing an additional 406 shares during the period. 60.69% of the stock is owned by institutional investors and hedge funds.

Lancaster Colony Price Performance

NASDAQ:LANC opened at $192.00 on Friday. The business’s 50-day simple moving average is $201.04 and its 200-day simple moving average is $172.31. Lancaster Colony Co. has a fifty-two week low of $116.85 and a fifty-two week high of $214.00. The stock has a market capitalization of $5.29 billion, a PE ratio of 54.86 and a beta of 0.23.

Lancaster Colony (NASDAQ:LANCGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.14. Lancaster Colony had a net margin of 5.64% and a return on equity of 14.40%. The firm had revenue of $425.54 million for the quarter, compared to analyst estimates of $422.04 million. On average, research analysts expect that Lancaster Colony Co. will post 5.69 earnings per share for the current year.

Lancaster Colony Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Monday, December 5th were paid a $0.85 dividend. The ex-dividend date of this dividend was Friday, December 2nd. This represents a $3.40 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.80. Lancaster Colony’s payout ratio is presently 97.14%.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Lancaster Colony in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $140.00.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, CEO David Alan Ciesinski sold 7,926 shares of Lancaster Colony stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $210.01, for a total value of $1,664,539.26. Following the transaction, the chief executive officer now owns 62,183 shares of the company’s stock, valued at $13,059,051.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Kristin Bird sold 1,535 shares of the business’s stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $198.73, for a total value of $305,050.55. Following the sale, the insider now owns 3,194 shares of the company’s stock, valued at $634,743.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO David Alan Ciesinski sold 7,926 shares of the business’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $210.01, for a total transaction of $1,664,539.26. Following the completion of the sale, the chief executive officer now directly owns 62,183 shares in the company, valued at approximately $13,059,051.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,686 shares of company stock valued at $2,434,971. 29.90% of the stock is currently owned by corporate insiders.

Lancaster Colony Company Profile

(Get Rating)

Lancaster Colony Corporation engages in the manufacturing and marketing of food products for the retail and foodservice markets 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; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti; and frozen pasta under the Marzetti Frozen Pasta brand.

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Institutional Ownership by Quarter for Lancaster Colony (NASDAQ:LANC)

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