GAMMA Investing LLC Raises Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

GAMMA Investing LLC boosted its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 19,025.0% during the first quarter, HoldingsChannel.com reports. The firm owned 53,550 shares of the company’s stock after purchasing an additional 53,270 shares during the period. GAMMA Investing LLC’s holdings in Lancaster Colony were worth $9,371,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in Lancaster Colony by 24.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,177 shares of the company’s stock worth $2,281,000 after purchasing an additional 2,559 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Lancaster Colony by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 213,854 shares of the company’s stock valued at $37,027,000 after acquiring an additional 9,861 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Lancaster Colony by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company’s stock valued at $49,518,000 after acquiring an additional 5,168 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Lancaster Colony by 13.4% in the fourth quarter. Ameriprise Financial Inc. now owns 21,905 shares of the company’s stock valued at $3,793,000 after acquiring an additional 2,581 shares in the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in shares of Lancaster Colony in the fourth quarter valued at approximately $318,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LANC shares. DA Davidson raised their target price on Lancaster Colony from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Benchmark upgraded Lancaster Colony from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Thursday, May 1st. Wall Street Zen downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Finally, Stephens decreased their target price on Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $203.50.

Lancaster Colony Stock Up 0.5%

NASDAQ:LANC opened at $167.93 on Friday. Lancaster Colony Co. has a 52 week low of $156.14 and a 52 week high of $202.63. The company has a market capitalization of $4.63 billion, a P/E ratio of 29.51 and a beta of 0.47. The stock’s fifty day moving average is $173.64 and its two-hundred day moving average is $178.65.

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

Lancaster Colony Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 6th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.80 annualized dividend and a yield of 2.26%. Lancaster Colony’s payout ratio is 61.79%.

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.