Mitsubishi UFJ Asset Management UK Ltd. Grows Stake in Lancaster Colony Co. (NASDAQ:LANC)

Mitsubishi UFJ Asset Management UK Ltd. boosted its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 130.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,300 shares of the company’s stock after acquiring an additional 3,000 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.’s holdings in Lancaster Colony were worth $936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in shares of Lancaster Colony during the 3rd quarter valued at approximately $27,000. AlphaMark Advisors LLC boosted its stake in Lancaster Colony by 5.2% during the third quarter. AlphaMark Advisors LLC now owns 1,686 shares of the company’s stock worth $298,000 after buying an additional 83 shares during the period. nVerses Capital LLC increased its position in Lancaster Colony by 66.7% during the third quarter. nVerses Capital LLC now owns 1,000 shares of the company’s stock valued at $177,000 after acquiring an additional 400 shares during the last quarter. Wesbanco Bank Inc. raised its stake in shares of Lancaster Colony by 4,189.1% in the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after acquiring an additional 159,981 shares during the period. Finally, CHICAGO TRUST Co NA lifted its holdings in shares of Lancaster Colony by 17.1% in the 3rd quarter. CHICAGO TRUST Co NA now owns 1,885 shares of the company’s stock worth $333,000 after acquiring an additional 275 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

LANC has been the topic of several analyst reports. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Wednesday, September 18th. Stephens reduced their price target on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a report on Friday, August 23rd. Loop Capital decreased their price target on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. 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, Lancaster Colony currently has a consensus rating of “Hold” and an average target price of $195.75.

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 dated Tuesday, August 27th. The stock was purchased at an average price of $169.00 per share, with a total value of $507,000.00. Following the transaction, the director now owns 5,298 shares of the company’s stock, valued at approximately $895,362. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 29.60% of the company’s stock.

Lancaster Colony Trading Down 1.5 %

Shares of Lancaster Colony stock traded down $2.64 on Friday, hitting $175.78. 96,696 shares of the company traded hands, compared to its average volume of 128,289. Lancaster Colony Co. has a 52 week low of $160.01 and a 52 week high of $215.31. The company has a market cap of $4.84 billion, a PE ratio of 36.47 and a beta of 0.35. The stock’s 50 day moving average price is $179.83 and its 200-day moving average price is $186.33.

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

Lancaster Colony Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Monday, September 9th. Lancaster Colony’s payout ratio is 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.