Charles Schwab Investment Management Inc. Increases Position in Lancaster Colony Co. (NASDAQ:LANC) (2024)

Charles Schwab Investment Management Inc. raised its position in Lancaster Colony Co. (NASDAQ:LANC – Free Report) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 276,213 shares of the company’s stock after purchasing an additional 8,686 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Lancaster Colony were worth $45,959,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Welch & Forbes LLC raised its position in Lancaster Colony by 4.1% in the fourth quarter. Welch & Forbes LLC now owns 72,226 shares of the company’s stock valued at $12,018,000 after purchasing an additional 2,870 shares during the period. M&T Bank Corp grew its stake in shares of Lancaster Colony by 11.1% in the fourth quarter. M&T Bank Corp now owns 1,835 shares of the company’s stock worth $305,000 after acquiring an additional 184 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Lancaster Colony in the fourth quarter worth $2,445,000. First Trust Direct Indexing L.P. grew its stake in shares of Lancaster Colony by 5.6% in the fourth quarter. First Trust Direct Indexing L.P. now owns 2,791 shares of the company’s stock worth $464,000 after acquiring an additional 147 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Lancaster Colony by 26.5% in the fourth quarter. Victory Capital Management Inc. now owns 415,629 shares of the company’s stock worth $69,157,000 after acquiring an additional 86,994 shares in the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Trading Down 0.6 %

Shares of LANC stock opened at $191.51 on Friday. The firm has a fifty day moving average price of $196.93 and a 200 day moving average price of $184.09. The company 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 12 month low of $158.88 and a 12 month high of $215.31.

Lancaster Colony (NASDAQ:LANC – Get Free Report) last issued its earnings results on Thursday, May 2nd. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.02. The firm had revenue of $471.40 million during the quarter, compared to the consensus estimate of $467.90 million. Lancaster Colony had a net margin of 7.10% and a return on equity of 18.96%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. On average, equities analysts forecast that Lancaster Colony Co. will post 6.52 EPS for the current year.

Lancaster Colony Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.88%. Lancaster Colony’s payout ratio is currently 74.69%.

Wall Street Analyst Weigh In

Several research firms have commented on LANC. Stephens restated an “equal weight” rating and issued a $218.00 price target on shares of Lancaster Colony in a research note on Friday, May 3rd. StockNews.com upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Three research 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 target price of $198.75.

Check Out Our Latest Report on LANC

About Lancaster Colony

(Free Report)

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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