Lancaster Colony Co. (NASDAQ:LANC) Sees Large Decline in Short Interest

Lancaster Colony Co. (NASDAQ:LANC) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 691,900 shares, a decrease of 17.0% from the August 15th total of 833,900 shares. Based on an average daily trading volume, of 135,500 shares, the short-interest ratio is presently 5.1 days. Currently, 3.6% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of brokerages have recently commented on LANC. StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Loop Capital reduced their price objective on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Stephens lowered their target price on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. Finally, Benchmark reissued a “hold” rating on shares of Lancaster Colony in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $195.75.

Insider Transactions at Lancaster Colony

In other news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were purchased at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the purchase, the director now owns 5,298 shares of the company’s stock, valued at approximately $895,362. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 29.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Lancaster Colony

A number of institutional investors have recently made changes to their positions in LANC. SG Americas Securities LLC acquired a new stake in Lancaster Colony during the 2nd quarter worth approximately $1,528,000. Capstone Investment Advisors LLC bought a new position in Lancaster Colony during the 1st quarter worth $864,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Lancaster Colony in the first quarter valued at about $868,000. Foguth Wealth Management LLC. acquired a new position in shares of Lancaster Colony in the first quarter valued at about $862,000. Finally, Leeward Investments LLC MA grew its stake in shares of Lancaster Colony by 5.6% in the second quarter. Leeward Investments LLC MA now owns 51,981 shares of the company’s stock valued at $9,823,000 after acquiring an additional 2,771 shares in the last quarter. Institutional investors own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

LANC traded up $3.33 during trading hours on Wednesday, reaching $182.91. The company’s stock had a trading volume of 42,805 shares, compared to its average volume of 129,432. The company’s 50-day moving average is $184.15 and its 200-day moving average is $190.14. Lancaster Colony has a 52 week low of $160.01 and a 52 week high of $215.31. The firm has a market cap of $5.03 billion, a PE ratio of 37.26 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings data on Thursday, August 22nd. The company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.06). The company had revenue of $452.83 million during the quarter, compared to analyst estimates of $462.70 million. Lancaster Colony had a net margin of 8.47% and a return on equity of 19.61%. Equities analysts anticipate that Lancaster Colony will post 6.96 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $0.90 dividend. The ex-dividend date is Monday, September 9th. This represents a $3.60 annualized dividend and a yield of 1.97%. Lancaster Colony’s dividend payout ratio is currently 74.69%.

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.