Zacks Investment Research upgraded shares of Lancaster Colony (NASDAQ:LANC) from a strong sell rating to a hold rating in a report published on Thursday.
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 downgraded shares of Lancaster Colony from a sell rating to a strong sell rating in a report on Saturday, January 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $153.00.
Shares of NASDAQ:LANC traded up $0.29 during mid-day trading on Thursday, reaching $122.90. The stock had a trading volume of 4,589 shares, compared to its average volume of 109,997. The company has a market capitalization of $3,371.10, a price-to-earnings ratio of 26.54 and a beta of 0.99. Lancaster Colony has a twelve month low of $113.33 and a twelve month high of $135.86.
Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, January 25th. The company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.18). The company had revenue of $319.70 million for the quarter, compared to analyst estimates of $335.10 million. Lancaster Colony had a return on equity of 19.65% and a net margin of 9.84%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $1.42 earnings per share. equities analysts anticipate that Lancaster Colony will post 4.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 9th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $2.40 annualized dividend and a yield of 1.95%. Lancaster Colony’s dividend payout ratio (DPR) is currently 51.95%.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Lancaster Colony by 0.5% during the 4th quarter. BlackRock Inc. now owns 2,013,688 shares of the company’s stock worth $260,188,000 after acquiring an additional 9,276 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Lancaster Colony by 29.3% in the third quarter. Neuberger Berman Group LLC now owns 944,727 shares of the company’s stock valued at $113,481,000 after buying an additional 214,154 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Lancaster Colony by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 499,259 shares of the company’s stock valued at $59,971,000 after buying an additional 3,687 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lancaster Colony by 0.7% in the fourth quarter. Bank of New York Mellon Corp now owns 266,288 shares of the company’s stock valued at $34,407,000 after buying an additional 1,908 shares in the last quarter. Finally, Teachers Advisors LLC grew its stake in shares of Lancaster Colony by 2.3% in the fourth quarter. Teachers Advisors LLC now owns 180,387 shares of the company’s stock valued at $23,308,000 after buying an additional 4,036 shares in the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.
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About Lancaster Colony
Lancaster Colony Corporation manufactures and markets specialty food products for the retail and foodservice markets in the United States. It offers salad dressings and sauces under the Marzetti, Marzetti Simply Dressed, Cardini's, and Girard's brands; vegetable dips and fruit dips under the Marzetti brand; frozen garlic breads under the New York BRAND Bakery, Mamma Bella, and Mamma Bella's brands; and frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's and Mary B's brands.
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