Lancaster Colony (NASDAQ:LANC) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Lancaster Colony (NASDAQ:LANC) from a buy rating to a hold rating in a research note issued to investors on Monday.

Several other equities analysts also recently issued reports on the stock. Benchmark raised shares of Lancaster Colony from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Thursday, May 1st. DA Davidson boosted their price objective on Lancaster Colony from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, Stephens dropped their price target on Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $203.50.

Lancaster Colony Stock Down 0.8 %

LANC stock opened at $161.45 on Monday. Lancaster Colony has a 52-week low of $156.14 and a 52-week high of $202.63. The firm has a market cap of $4.45 billion, a P/E ratio of 28.37 and a beta of 0.38. The company’s 50-day simple moving average is $181.33 and its 200-day simple moving average is $181.62.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.07). The business had revenue of $457.84 million for the quarter, compared to analysts’ expectations of $483.47 million. Lancaster Colony had a return on equity of 19.51% and a net margin of 8.26%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.44 EPS. On average, analysts anticipate that Lancaster Colony will post 6.8 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 7th were issued a $0.95 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $3.80 annualized dividend and a dividend yield of 2.35%. Lancaster Colony’s dividend payout ratio is presently 61.79%.

Insiders Place Their Bets

In other Lancaster Colony news, CEO David Alan Ciesinski sold 17,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $191.19, for a total value of $3,250,230.00. Following the transaction, the chief executive officer now directly owns 54,644 shares in the company, valued at $10,447,386.36. The trade was a 23.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 29.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its holdings in shares of Lancaster Colony by 1.0% during the 4th quarter. Arizona State Retirement System now owns 5,604 shares of the company’s stock worth $970,000 after purchasing an additional 55 shares during the period. State of Alaska Department of Revenue boosted its stake in Lancaster Colony by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 2,259 shares of the company’s stock worth $395,000 after buying an additional 55 shares during the period. Principal Securities Inc. increased its position in shares of Lancaster Colony by 5.6% during the fourth quarter. Principal Securities Inc. now owns 1,280 shares of the company’s stock valued at $222,000 after acquiring an additional 68 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Lancaster Colony by 5.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,609 shares of the company’s stock valued at $279,000 after acquiring an additional 77 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in shares of Lancaster Colony by 3.6% in the 4th quarter. Captrust Financial Advisors now owns 2,323 shares of the company’s stock worth $402,000 after acquiring an additional 80 shares during the last quarter. 66.44% of the stock is currently owned by institutional investors and hedge funds.

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.