Swiss National Bank Sells 300 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Swiss National Bank decreased its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,626 shares of the company’s stock after selling 300 shares during the period. Swiss National Bank owned approximately 0.14% of Lancaster Colony worth $6,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of Lancaster Colony in the second quarter valued at approximately $1,528,000. Leeward Investments LLC MA grew its holdings in shares of Lancaster Colony by 5.6% during the 2nd 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 in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Lancaster Colony during the 2nd quarter worth $658,000. Van ECK Associates Corp increased its position in shares of Lancaster Colony by 40.0% in the third quarter. Van ECK Associates Corp now owns 12,897 shares of the company’s stock worth $2,271,000 after purchasing an additional 3,686 shares during the period. Finally, Empowered Funds LLC acquired a new position in Lancaster Colony in the third quarter valued at about $2,244,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Price Performance

Shares of NASDAQ:LANC opened at $185.58 on Wednesday. The firm has a 50 day simple moving average of $181.62 and a 200 day simple moving average of $184.45. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 32.64 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31.

Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.08). The firm 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 revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business earned $1.70 EPS. As a group, analysts expect that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be paid a $0.95 dividend. The ex-dividend date is Thursday, December 5th. This represents a $3.80 annualized dividend and a dividend yield of 2.05%. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio is currently 65.74%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LANC. Loop Capital cut their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Tuesday, November 19th. StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Stephens reissued an “equal weight” rating and set a $196.00 price target on shares of Lancaster Colony in a report on Tuesday, November 19th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $193.50.

About Lancaster Colony

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.