Posted by MarketBeat News on May 19th, 2024
Charles Schwab Investment Management Inc. raised its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC – Free Report) by 3.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 276,213 shares of the company’s stock after buying an additional 8,686 shares during the period. Charles Schwab Investment Management Inc. owned about 1.00% of Lancaster Colony worth $45,959,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Lancaster Colony during the fourth quarter valued at approximately $2,445,000. Boston Trust Walden Corp boosted its holdings in shares of Lancaster Colony by 54.5% in the fourth quarter. Boston Trust Walden Corp now owns 319,366 shares of the company’s stock valued at $53,139,000 after purchasing an additional 112,696 shares during the period. Fortis Group Advisors LLC purchased a new stake in shares of Lancaster Colony in the third quarter valued at approximately $1,388,000. Envestnet Asset Management Inc. boosted its holdings in shares of Lancaster Colony by 53.3% in the third quarter. Envestnet Asset Management Inc. now owns 105,454 shares of the company’s stock valued at $17,403,000 after purchasing an additional 36,671 shares during the period. Finally, UBS Group AG boosted its holdings in shares of Lancaster Colony by 34.5% in the third quarter. UBS Group AG now owns 43,722 shares of the company’s stock valued at $7,215,000 after purchasing an additional 11,208 shares during the period. Hedge funds and other institutional investors own 66.44% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Stephens reiterated an “equal weight” rating and issued a $218.00 price target on shares of Lancaster Colony in a report on Friday, May 3rd. StockNews.com upgraded Lancaster Colony from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $198.75.
Read Our Latest Stock Analysis on Lancaster Colony
Lancaster Colony Stock Down 0.6 %
Lancaster Colony stock opened at $191.51 on Friday. The business has a fifty day moving average of $196.93 and a two-hundred day moving average of $184.09. The firm has a market cap of $5.27 billion, a P/E ratio of 39.73 and a beta of 0.39. Lancaster Colony Co. has a twelve month low of $158.88 and a twelve month high of $215.31.
Lancaster Colony (NASDAQ:LANC – Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.02. The business had revenue of $471.40 million for the quarter, compared to the consensus estimate of $467.90 million. Lancaster Colony had a return on equity of 18.96% and a net margin of 7.10%. The business’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.89 earnings per share. Equities analysts expect that Lancaster Colony Co. will post 6.52 earnings per share for the current year.
Lancaster Colony Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, June 7th. Lancaster Colony’s payout ratio is presently 74.69%.
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.
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