Lancaster Colony (LANC) Stock Rating Upgraded by Zacks Investment Research
Lancaster Colony (NASDAQ:LANC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Separately, BidaskClub raised Lancaster Colony from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $154.67.
Lancaster Colony (NASDAQ:LANC) last posted its earnings results on Thursday, October 26th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.04). Lancaster Colony had a net margin of 9.20% and a return on equity of 21.50%. The business had revenue of $298.92 million for the quarter, compared to analysts’ expectations of $298.75 million. During the same period last year, the firm posted $1.22 earnings per share. Lancaster Colony’s quarterly revenue was up 2.6% on a year-over-year basis. analysts anticipate that Lancaster Colony will post 4.62 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of LANC. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Lancaster Colony in the third quarter worth $151,000. Advisory Services Network LLC grew its stake in Lancaster Colony by 31.8% in the second quarter. Advisory Services Network LLC now owns 1,325 shares of the company’s stock worth $162,000 after purchasing an additional 320 shares during the period. Vident Investment Advisory LLC purchased a new stake in Lancaster Colony in the third quarter worth $210,000. Crossmark Global Holdings Inc. purchased a new stake in Lancaster Colony in the third quarter worth $243,000. Finally, Riverhead Capital Management LLC grew its stake in Lancaster Colony by 66.5% in the second quarter. Riverhead Capital Management LLC now owns 2,165 shares of the company’s stock worth $265,000 after purchasing an additional 865 shares during the period. 51.26% of the stock is currently owned by institutional investors.
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About Lancaster Colony
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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