Geode Capital Management LLC Raises Position in Lancaster Colony Co. (NASDAQ:LANC)

Geode Capital Management LLC increased its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 2.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 556,223 shares of the company’s stock after purchasing an additional 14,864 shares during the period. Geode Capital Management LLC’s holdings in Lancaster Colony were worth $98,227,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Lancaster Colony in the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Lancaster Colony in the 2nd quarter valued at approximately $74,000. nVerses Capital LLC acquired a new stake in Lancaster Colony in the 2nd quarter worth approximately $113,000. UMB Bank n.a. grew its position in Lancaster Colony by 10.8% during the 3rd quarter. UMB Bank n.a. now owns 1,055 shares of the company’s stock worth $186,000 after purchasing an additional 103 shares during the last quarter. Finally, Olympiad Research LP acquired a new position in Lancaster Colony during the 3rd quarter valued at approximately $210,000. 66.44% of the stock is owned by institutional investors and hedge funds.

Lancaster Colony Price Performance

Shares of Lancaster Colony stock opened at $182.34 on Thursday. Lancaster Colony Co. has a 1 year low of $161.54 and a 1 year high of $215.31. The stock has a market cap of $5.03 billion, a PE ratio of 31.55 and a beta of 0.35. The firm has a fifty day moving average price of $184.73 and a 200 day moving average price of $184.35.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.08). Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The company had revenue of $466.56 million during the quarter, compared to analyst estimates of $468.36 million. During the same period last year, the firm earned $1.70 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts expect that Lancaster Colony Co. will post 6.7 EPS for the current year.

Lancaster Colony Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, December 5th. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio is currently 65.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on LANC shares. Loop Capital lowered their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Benchmark reissued a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Stephens reiterated an “equal weight” rating and issued a $196.00 target price on shares of Lancaster Colony in a research report on Tuesday, November 19th.

Lancaster Colony Profile

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.