Thrivent Financial for Lutherans Reduces Position in Lancaster Colony Co. (NASDAQ:LANC)

Thrivent Financial for Lutherans reduced its position in Lancaster Colony Co. (NASDAQ:LANC) by 17.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 400,773 shares of the company’s stock after selling 86,842 shares during the quarter. Thrivent Financial for Lutherans owned 1.45% of Lancaster Colony worth $70,764,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Lancaster Colony during the 2nd quarter worth approximately $1,528,000. Leeward Investments LLC MA increased its stake in Lancaster Colony by 5.6% in the second quarter. Leeward Investments LLC MA now owns 51,981 shares of the company’s stock worth $9,823,000 after purchasing an additional 2,771 shares during the period. Fifth Third Wealth Advisors LLC bought a new stake in shares of Lancaster Colony during the second quarter worth $658,000. Van ECK Associates Corp boosted its stake in shares of Lancaster Colony by 40.0% during the third quarter. Van ECK Associates Corp now owns 12,897 shares of the company’s stock valued at $2,271,000 after purchasing an additional 3,686 shares during the period. Finally, William B. Walkup & Associates Inc. bought a new position in shares of Lancaster Colony in the second quarter worth about $685,000. Institutional investors own 66.44% of the company’s stock.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen purchased 3,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the acquisition, the director now owns 5,298 shares in the company, valued at $895,362. The trade was a 130.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 29.50% of the company’s stock.

Lancaster Colony Stock Performance

NASDAQ LANC opened at $180.75 on Monday. The company has a market cap of $4.98 billion, a PE ratio of 31.27 and a beta of 0.35. The firm’s 50 day moving average price is $180.97 and its 200-day moving average price is $184.95. Lancaster Colony Co. has a 52-week low of $161.54 and a 52-week high of $215.31.

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 company had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.70 EPS. On average, analysts forecast that Lancaster Colony Co. will post 6.72 earnings per share for the current fiscal 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 paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 5th. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is 62.28%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Friday, November 1st. StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Stephens reduced their price objective on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Finally, Loop Capital lowered their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a report on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $193.50.

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.