Lancaster Colony Co. (LANC) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Lancaster Colony Co. (NASDAQ:LANC) from a hold rating to a sell rating in a research report report published on Friday.
According to Zacks, “Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony’s wholly-owned subsidiaries, including T. Marzetti Company, produce and market high quality national and regionally-branded food products throughout the United States for the retail and foodservice markets. Most of their products sold through the retail channel are marketed under the company’s popular brand names, such as Marzetti, New York Brand Bakery, Sister Schubert’s and Flatout. The company’s production plants across the United States make an expanded family of quality food products found every day on the dinner tables of millions of consumers, as well as in well-known restaurant chains nationwide. “
LANC has been the subject of a number of other research reports. BidaskClub upgraded Lancaster Colony from a strong sell rating to a sell rating in a research note on Monday, August 14th. Wedbush reiterated a buy rating on shares of Lancaster Colony in a research note on Friday, August 18th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $154.67.
Shares of Lancaster Colony (NASDAQ LANC) traded up $0.20 on Friday, hitting $126.41. The stock had a trading volume of 65,200 shares, compared to its average volume of 107,335. The firm has a market cap of $3,400.41, a P/E ratio of 27.66 and a beta of 1.04. Lancaster Colony has a 12 month low of $113.33 and a 12 month high of $149.30.
Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Thursday, October 26th. The company reported $1.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.04). The firm had revenue of $298.92 million during the quarter, compared to analyst estimates of $298.75 million. Lancaster Colony had a net margin of 9.83% and a return on equity of 20.18%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 earnings per share. research analysts forecast that Lancaster Colony will post 4.75 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, December 7th. This represents a $2.40 dividend on an annualized basis and a yield of 1.90%. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.55. Lancaster Colony’s payout ratio is 54.19%.
A number of hedge funds have recently added to or reduced their stakes in LANC. Neuberger Berman Group LLC boosted its stake in Lancaster Colony by 29.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 944,727 shares of the company’s stock valued at $113,481,000 after purchasing an additional 214,154 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Lancaster Colony by 23.0% during the 2nd quarter. Renaissance Technologies LLC now owns 750,762 shares of the company’s stock valued at $92,058,000 after purchasing an additional 140,262 shares during the last quarter. Royce & Associates LP boosted its stake in Lancaster Colony by 40.7% during the 2nd quarter. Royce & Associates LP now owns 171,000 shares of the company’s stock valued at $20,968,000 after purchasing an additional 49,500 shares during the last quarter. Bank of Montreal Can boosted its stake in Lancaster Colony by 309.1% during the 2nd quarter. Bank of Montreal Can now owns 51,722 shares of the company’s stock valued at $6,343,000 after purchasing an additional 39,080 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of Lancaster Colony by 592.2% during the 2nd quarter. Citadel Advisors LLC now owns 37,137 shares of the company’s stock worth $4,554,000 after buying an additional 31,772 shares in the last quarter. Institutional investors and hedge funds own 49.90% of the company’s stock.
Lancaster Colony Company Profile
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company’s food products include Salad dressings and sauces, Vegetable dips and fruit dips, Frozen garlic breads, Frozen Parkerhouse style yeast rolls and dinner rolls, Premium dry egg noodles, Frozen specialty noodles, Croutons and salad toppings, Flatbread wraps and pizza crusts, and Caviar.
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