Lancaster Colony (LANC) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Lancaster Colony (NASDAQ:LANC) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

According to Zacks, “Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony’s wholly-owned subsidiaries, including T. Marzetti Company, produce and market high quality national and regionally-branded food products throughout the United States for the retail and foodservice markets. Most of their products sold through the retail channel are marketed under the company’s popular brand names, such as Marzetti, New York Brand Bakery, Sister Schubert’s and Flatout. The company’s production plants across the United States make an expanded family of quality food products found every day on the dinner tables of millions of consumers, as well as in well-known restaurant chains nationwide. “

Separately, BidaskClub upgraded Lancaster Colony from a sell rating to a hold rating in a report on Saturday, December 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $154.67.

Shares of Lancaster Colony (LANC) traded down $0.24 on Wednesday, hitting $127.32. The company had a trading volume of 83,032 shares, compared to its average volume of 87,447. Lancaster Colony has a 12 month low of $113.33 and a 12 month high of $149.30. The company has a market cap of $3,494.04, a PE ratio of 31.36 and a beta of 1.06.

Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Thursday, October 26th. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). Lancaster Colony had a return on equity of 21.50% and a net margin of 9.20%. The firm had revenue of $298.92 million during the quarter, compared to the consensus estimate of $298.75 million. During the same quarter in the prior year, the business earned $1.22 earnings per share. Lancaster Colony’s revenue for the quarter was up 2.6% on a year-over-year basis. sell-side analysts anticipate that Lancaster Colony will post 4.62 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 8th were paid a dividend of $0.60 per share. The ex-dividend date was Thursday, December 7th. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.55. This represents a $2.40 annualized dividend and a yield of 1.89%. Lancaster Colony’s dividend payout ratio (DPR) is 59.11%.

Large investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. bought a new position in Lancaster Colony during the 3rd quarter valued at $151,000. Advisory Services Network LLC lifted its stake in Lancaster Colony by 31.8% during the 2nd quarter. Advisory Services Network LLC now owns 1,325 shares of the company’s stock valued at $162,000 after acquiring an additional 320 shares in the last quarter. Vident Investment Advisory LLC bought a new position in Lancaster Colony during the 3rd quarter valued at $210,000. Crossmark Global Holdings Inc. bought a new position in Lancaster Colony during the 3rd quarter valued at $243,000. Finally, Riverhead Capital Management LLC lifted its stake in Lancaster Colony by 66.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,165 shares of the company’s stock valued at $265,000 after acquiring an additional 865 shares in the last quarter. Institutional investors and hedge funds own 51.26% of the company’s stock.

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About Lancaster Colony

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company’s food products include Salad dressings and sauces, Vegetable dips and fruit dips, Frozen garlic breads, Frozen Parkerhouse style yeast rolls and dinner rolls, Premium dry egg noodles, Frozen specialty noodles, Croutons and salad toppings, Flatbread wraps and pizza crusts, and Caviar.

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