Lancaster Colony Corp. (LANC) Increases Dividend to $0.55 Per Share
Lancaster Colony Corp. (NASDAQ:LANC) declared a quarterly dividend on Monday, November 21st. Investors of record on Friday, December 9th will be paid a dividend of 0.55 per share on Friday, December 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.59%. This is a positive change from Lancaster Colony Corp.’s previous quarterly dividend of $0.50.
Shares of Lancaster Colony Corp. (NASDAQ:LANC) traded down 0.04% during trading on Monday, hitting $138.11. 30,903 shares of the company were exchanged. The stock has a market cap of $3.79 billion, a P/E ratio of 29.70 and a beta of 0.82. The company’s 50-day moving average price is $132.53 and its 200 day moving average price is $128.58. Lancaster Colony Corp. has a 12 month low of $95.78 and a 12 month high of $138.97.
Lancaster Colony Corp. (NASDAQ:LANC) last announced its quarterly earnings data on Thursday, October 27th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The business had revenue of $294.10 million for the quarter, compared to the consensus estimate of $304.30 million. Lancaster Colony Corp. had a net margin of 10.73% and a return on equity of 25.14%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 earnings per share. On average, equities analysts predict that Lancaster Colony Corp. will post $4.79 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the stock. WBI Investments Inc. increased its position in shares of Lancaster Colony Corp. by 3.2% in the second quarter. WBI Investments Inc. now owns 77,073 shares of the company’s stock worth $9,835,000 after buying an additional 2,360 shares in the last quarter. Teachers Advisors Inc. increased its position in shares of Lancaster Colony Corp. by 11.9% in the second quarter. Teachers Advisors Inc. now owns 147,836 shares of the company’s stock worth $18,865,000 after buying an additional 15,670 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Lancaster Colony Corp. by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 58,999 shares of the company’s stock worth $7,529,000 after buying an additional 975 shares in the last quarter. TFS Capital LLC acquired a new position in shares of Lancaster Colony Corp. during the second quarter worth approximately $538,000. Finally, Sei Investments Co. increased its position in shares of Lancaster Colony Corp. by 1.0% in the second quarter. Sei Investments Co. now owns 3,137 shares of the company’s stock worth $400,000 after buying an additional 30 shares in the last quarter. 51.63% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have weighed in on the stock. Wedbush reaffirmed a “neutral” rating and set a $106.00 price target (down previously from $121.00) on shares of Lancaster Colony Corp. in a research note on Friday, August 19th. Longbow Research assumed coverage on shares of Lancaster Colony Corp. in a research note on Friday, November 4th. They set a “neutral” rating on the stock. DA Davidson increased their price target on shares of Lancaster Colony Corp. from $120.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Finally, Zacks Investment Research raised shares of Lancaster Colony Corp. from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Tuesday, August 23rd. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $126.25.
Lancaster Colony Corp. Company Profile
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. The Company is focused on its specialty foods segment. It manufactures and sells a range of food products, including salad dressings and sauces; fruit glazes, vegetable dips and fruit dips; Greek yogurt vegetable dips and hummus; frozen garlic breads; frozen Parkerhouse style yeast dinner rolls and sweet rolls, as well as biscuits; dry egg noodles; croutons and related products; snack sticks and flatbread wraps and pizza crusts.
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