Olympiad Research LP Makes New Investment in Lancaster Colony Co. (NASDAQ:LANC)

Olympiad Research LP purchased a new stake in shares of Lancaster Colony Co. (NASDAQ:LANC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,187 shares of the company’s stock, valued at approximately $210,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blair William & Co. IL increased its holdings in Lancaster Colony by 2,386.6% during the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock worth $32,517,000 after purchasing an additional 165,155 shares during the period. Wesbanco Bank Inc. lifted its stake in Lancaster Colony by 4,189.1% in the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock worth $28,922,000 after acquiring an additional 159,981 shares during the period. Vanguard Group Inc. grew its holdings in Lancaster Colony by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock worth $453,913,000 after acquiring an additional 85,658 shares in the last quarter. F M Investments LLC purchased a new position in Lancaster Colony during the 2nd quarter valued at about $7,997,000. Finally, Millennium Management LLC raised its holdings in shares of Lancaster Colony by 1,055.2% in the 2nd quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock valued at $6,820,000 after purchasing an additional 32,966 shares in the last quarter. Institutional investors own 66.44% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on LANC. Loop Capital cut their price objective on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Stephens reduced their price target on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research report on Friday, November 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $193.50.

Insider Buying and Selling at Lancaster Colony

In related news, Director Elliot K. Fullen acquired 3,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the purchase, the director now owns 5,298 shares of the company’s stock, valued at approximately $895,362. This represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 29.50% of the stock is currently owned by company insiders.

Lancaster Colony Trading Up 0.5 %

Shares of LANC stock opened at $197.22 on Friday. Lancaster Colony Co. has a 12-month low of $161.54 and a 12-month high of $215.31. The business’s fifty day simple moving average is $179.62 and its 200-day simple moving average is $184.99. The company has a market cap of $5.44 billion, a PE ratio of 34.12 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, October 31st. The company reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.08). The business had revenue of $466.56 million for the quarter, compared to analyst estimates of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.70 earnings per share. On average, equities analysts forecast that Lancaster Colony Co. will post 6.72 earnings per share for the current year.

Lancaster Colony Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, December 5th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is currently 62.28%.

Lancaster Colony 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.