Lancaster Colony (NASDAQ:LANC) Trading Up 9.6% Following Earnings Beat

Lancaster Colony Co. (NASDAQ:LANC) rose 9.6% on Tuesday following a better than expected earnings announcement. The stock traded as high as $181.44 and last traded at $182.41. Approximately 26,362 shares traded hands during trading, a decline of 80% from the average daily volume of 131,905 shares. The stock had previously closed at $166.50.

The company reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.28. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Thursday, December 5th were paid a $0.95 dividend. The ex-dividend date was Thursday, December 5th. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a yield of 2.06%. Lancaster Colony’s dividend payout ratio (DPR) is presently 65.74%.

Wall Street Analysts Forecast Growth

LANC has been the subject of a number of research reports. Loop Capital reduced 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 reissued a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Stephens reissued an “equal weight” rating and issued a $196.00 price target on shares of Lancaster Colony in a report on Tuesday, November 19th.

Institutional Investors Weigh In On Lancaster Colony

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of Lancaster Colony by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 556,223 shares of the company’s stock worth $98,227,000 after buying an additional 14,864 shares during the period. Boston Trust Walden Corp grew its position in shares of Lancaster Colony by 20.5% during the 4th quarter. Boston Trust Walden Corp now owns 305,264 shares of the company’s stock worth $52,853,000 after buying an additional 52,030 shares during the period. Wesbanco Bank Inc. grew its position in shares of Lancaster Colony by 4,189.1% during the 3rd quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock worth $28,922,000 after buying an additional 159,981 shares during the period. WCM Investment Management LLC boosted its stake in Lancaster Colony by 4.0% during the 3rd quarter. WCM Investment Management LLC now owns 111,507 shares of the company’s stock worth $19,929,000 after acquiring an additional 4,306 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Lancaster Colony by 243.2% during the 3rd quarter. Wellington Management Group LLP now owns 83,630 shares of the company’s stock worth $14,767,000 after acquiring an additional 59,261 shares during the last quarter. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Trading Up 10.8 %

The firm’s 50 day moving average is $178.08 and its two-hundred day moving average is $181.01. The firm has a market cap of $5.09 billion, a P/E ratio of 31.79 and a beta of 0.35.

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.