Fortis Capital Advisors LLC cut its holdings in Lancaster Colony Co. (NASDAQ:LANC – Free Report) by 22.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,600 shares of the company’s stock after selling 736 shares during the period. Fortis Capital Advisors LLC’s holdings in Lancaster Colony were worth $528,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its position in Lancaster Colony by 0.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 5,836 shares of the company’s stock valued at $1,184,000 after buying an additional 50 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Lancaster Colony by 0.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,001 shares of the company’s stock worth $2,555,000 after purchasing an additional 53 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in Lancaster Colony by 2.7% in the 1st quarter. Johnson Investment Counsel Inc. now owns 2,376 shares of the company’s stock valued at $482,000 after purchasing an additional 62 shares during the period. Prudential Financial Inc. increased its stake in Lancaster Colony by 1.6% during the 1st quarter. Prudential Financial Inc. now owns 3,858 shares of the company’s stock valued at $783,000 after purchasing an additional 62 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in Lancaster Colony by 2.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,460 shares of the company’s stock worth $683,000 after buying an additional 68 shares during the last quarter. 60.49% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research firms have recently commented on LANC. StockNews.com assumed coverage on shares of Lancaster Colony in a research report on Thursday, August 17th. They set a “hold” rating for the company. Loop Capital decreased their price objective on Lancaster Colony from $237.00 to $226.00 and set a “buy” rating for the company in a report on Thursday, August 24th.
Lancaster Colony Stock Performance
LANC traded down $0.70 during mid-day trading on Tuesday, reaching $161.18. 17,147 shares of the stock were exchanged, compared to its average volume of 148,391. The company has a 50 day moving average price of $182.94 and a two-hundred day moving average price of $194.38. The stock has a market capitalization of $4.44 billion, a PE ratio of 40.17 and a beta of 0.23. Lancaster Colony Co. has a 1 year low of $149.76 and a 1 year high of $220.65.
Lancaster Colony (NASDAQ:LANC – Get Free Report) last announced its earnings results on Wednesday, August 23rd. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.26). The business had revenue of $454.70 million for the quarter, compared to analysts’ expectations of $481.13 million. Lancaster Colony had a net margin of 6.11% and a return on equity of 15.02%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.35 earnings per share. Sell-side analysts expect that Lancaster Colony Co. will post 6.25 EPS for the current fiscal year.
Lancaster Colony Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, September 7th. Lancaster Colony’s dividend payout ratio (DPR) is presently 84.37%.
About Lancaster Colony
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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