Lancaster Colony (NASDAQ:LANC) Shares Gap Down to $197.60

Lancaster Colony Co. (NASDAQ:LANC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $197.60, but opened at $185.91. Lancaster Colony shares last traded at $176.99, with a volume of 82,831 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Stephens reaffirmed an “equal weight” rating and issued a $218.00 price target on shares of Lancaster Colony in a report on Friday, May 3rd. StockNews.com raised Lancaster Colony from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $198.75.

Lancaster Colony Stock Down 13.2 %

The company has a market cap of $4.72 billion, a PE ratio of 37.37 and a beta of 0.37. The business has a 50-day simple moving average of $189.27 and a 200-day simple moving average of $192.97.

Lancaster Colony Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Monday, September 9th. Lancaster Colony’s payout ratio is presently 74.69%.

Institutional Trading of Lancaster Colony

A number of institutional investors and hedge funds have recently modified their holdings of LANC. Opal Wealth Advisors LLC purchased a new position in shares of Lancaster Colony in the second quarter worth about $28,000. GAMMA Investing LLC grew its position in shares of Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Lancaster Colony in the second quarter valued at approximately $38,000. Brown Brothers Harriman & Co. purchased a new position in Lancaster Colony during the fourth quarter worth approximately $67,000. Finally, Clarity Asset Management Inc. acquired a new position in Lancaster Colony during the fourth quarter worth $70,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Company Profile

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.