Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by Champlain Investment Partners LLC

Champlain Investment Partners LLC cut its position in Lancaster Colony Co. (NASDAQ:LANC) by 10.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 542,305 shares of the company’s stock after selling 63,461 shares during the quarter. Champlain Investment Partners LLC’s holdings in Lancaster Colony were worth $95,755,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Lancaster Colony during the 2nd quarter valued at about $28,000. V Square Quantitative Management LLC purchased a new position in shares of Lancaster Colony in the third quarter valued at approximately $27,000. GAMMA Investing LLC grew its holdings in shares of Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Lancaster Colony during the 2nd quarter worth approximately $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lancaster Colony during the 2nd quarter worth approximately $74,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Price Performance

NASDAQ:LANC opened at $186.38 on Friday. Lancaster Colony Co. has a 12 month low of $161.54 and a 12 month high of $215.31. The firm has a market capitalization of $5.14 billion, a PE ratio of 32.25 and a beta of 0.35. The business’s fifty day moving average price is $181.30 and its 200 day moving average price is $184.68.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.08). The company had revenue of $466.56 million during the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a net margin of 8.49% and a return on equity of 19.01%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.70 earnings per share. As a group, equities analysts anticipate that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th will be issued a $0.95 dividend. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, December 5th. Lancaster Colony’s payout ratio is presently 62.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LANC shares. Stephens restated an “equal weight” rating and issued a $196.00 price target on shares of Lancaster Colony in a research note on Tuesday. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research report on Tuesday. Finally, Loop Capital lowered their price objective on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $193.50.

Insider Activity at Lancaster Colony

In other news, Director Elliot K. Fullen purchased 3,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were bought at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the transaction, the director now directly owns 5,298 shares in the company, valued at approximately $895,362. This represents a 130.55 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 29.50% of the company’s stock.

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.