Zacks Investment Research upgraded shares of Lancaster Colony (NASDAQ:LANC) from a sell rating to a hold rating in a research note issued to investors on Wednesday, January 10th.
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 lowered shares of Lancaster Colony from a hold rating to a sell rating in a research report on Tuesday, December 12th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Lancaster Colony has a consensus rating of Buy and a consensus price target of $154.67.
Shares of Lancaster Colony (LANC) traded up $1.42 during midday trading on Wednesday, reaching $128.60. 86,062 shares of the company were exchanged, compared to its average volume of 73,009. The stock has a market cap of $3,529.17, a PE ratio of 28.71 and a beta of 1.06. Lancaster Colony has a one year low of $113.33 and a one year high of $149.30.
Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Thursday, October 26th. The company reported $1.07 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 company 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 firm earned $1.22 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. analysts expect that Lancaster Colony will post 4.62 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $2.40 annualized dividend and a yield of 1.87%. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.55. Lancaster Colony’s payout ratio is currently 59.11%.
Large investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Lancaster Colony in the third quarter worth $151,000. Advisory Services Network LLC lifted its holdings in shares of Lancaster Colony by 31.8% in the second quarter. Advisory Services Network LLC now owns 1,325 shares of the company’s stock worth $162,000 after buying an additional 320 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Lancaster Colony in the third quarter worth $210,000. Crossmark Global Holdings Inc. purchased a new position in shares of Lancaster Colony in the third quarter worth $243,000. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Lancaster Colony by 66.5% in the second quarter. Riverhead Capital Management LLC now owns 2,165 shares of the company’s stock worth $265,000 after buying an additional 865 shares in the last quarter. 51.26% of the stock is currently owned by institutional investors and hedge funds.
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Lancaster Colony Company Profile
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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