Dearborn Partners LLC Purchases 121 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Dearborn Partners LLC raised its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,115 shares of the company’s stock after buying an additional 121 shares during the period. Dearborn Partners LLC’s holdings in Lancaster Colony were worth $1,080,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of LANC. Blair William & Co. IL lifted its position in shares of Lancaster Colony by 2,386.6% during the second 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 last quarter. Wesbanco Bank Inc. boosted its stake in Lancaster Colony by 4,189.1% in the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after acquiring an additional 159,981 shares in the last quarter. Vanguard Group Inc. grew its holdings in Lancaster Colony by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock worth $453,913,000 after purchasing an additional 85,658 shares during the last quarter. F M Investments LLC acquired a new position in shares of Lancaster Colony during the second quarter worth $7,997,000. Finally, Millennium Management LLC lifted its holdings in shares of Lancaster Colony by 1,055.2% during the 2nd 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 last quarter. Institutional investors own 66.44% of the company’s stock.

Insider Transactions at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen purchased 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now directly owns 5,298 shares in the company, valued at approximately $895,362. This trade represents a 130.55 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 29.50% of the company’s stock.

Wall Street Analysts Forecast Growth

LANC has been the subject of a number of research analyst reports. Loop Capital decreased their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Stephens lowered their target price on shares of Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Friday, November 1st. Finally, StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Lancaster Colony currently has an average rating of “Hold” and a consensus target price of $193.50.

Lancaster Colony Stock Down 2.0 %

Lancaster Colony stock opened at $184.18 on Friday. Lancaster Colony Co. has a 52 week low of $161.54 and a 52 week high of $215.31. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 31.87 and a beta of 0.35. The business’s 50-day moving average price is $180.77 and its 200 day moving average price is $185.06.

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

Lancaster Colony Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.06%. The ex-dividend date is Thursday, December 5th. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio is currently 62.28%.

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.