Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lessened its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 3.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 471,039 shares of the company’s stock after selling 18,010 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Lancaster Colony were worth $83,171,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of LANC. V Square Quantitative Management LLC purchased a new stake in Lancaster Colony in the 3rd quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new stake in Lancaster Colony in the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC raised its position in 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 during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Lancaster Colony during the second quarter worth $38,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Lancaster Colony during the second quarter worth $74,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now owns 5,298 shares in the company, valued at approximately $895,362. This represents a 100.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 29.50% of the stock is owned by corporate insiders.

Lancaster Colony Trading Up 0.5 %

Lancaster Colony stock opened at $197.21 on Monday. The stock has a 50 day moving average of $179.62 and a two-hundred day moving average of $184.95. Lancaster Colony Co. has a twelve month low of $161.54 and a twelve month high of $215.31. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 34.12 and a beta of 0.35.

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

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be given a $0.95 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.80 dividend on an annualized basis and a yield of 1.93%. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio (DPR) is presently 62.28%.

Analysts Set New Price Targets

LANC has been the topic of several research analyst reports. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Loop Capital cut their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Stephens lowered their price objective on shares of Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research note on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $193.50.

Lancaster Colony Company 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.