Oppenheimer Asset Management Inc. Acquires 519 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Oppenheimer Asset Management Inc. raised its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 8.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,935 shares of the company’s stock after buying an additional 519 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Lancaster Colony were worth $1,225,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. MQS Management LLC purchased a new position in Lancaster Colony in the third quarter worth about $344,000. Victory Capital Management Inc. lifted its stake in shares of Lancaster Colony by 14.2% in the 3rd quarter. Victory Capital Management Inc. now owns 4,782 shares of the company’s stock valued at $844,000 after purchasing an additional 596 shares during the last quarter. GSA Capital Partners LLP lifted its stake in shares of Lancaster Colony by 223.2% in the 3rd quarter. GSA Capital Partners LLP now owns 8,022 shares of the company’s stock valued at $1,416,000 after purchasing an additional 5,540 shares during the last quarter. WCM Investment Management LLC boosted its holdings in shares of Lancaster Colony by 4.0% in the 3rd quarter. WCM Investment Management LLC now owns 111,507 shares of the company’s stock worth $19,929,000 after purchasing an additional 4,306 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in Lancaster Colony by 13.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 11,589 shares of the company’s stock valued at $2,046,000 after buying an additional 1,330 shares during the period. 66.44% of the stock is currently owned by institutional investors.

Lancaster Colony Trading Down 1.9 %

LANC opened at $180.75 on Monday. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 31.27 and a beta of 0.35. Lancaster Colony Co. has a 12-month low of $161.54 and a 12-month high of $215.31. The business’s fifty day simple moving average is $180.97 and its 200-day simple moving average is $184.95.

Lancaster Colony (NASDAQ:LANC) last posted its earnings results on Thursday, October 31st. The company reported $1.62 EPS 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 business had revenue of $466.56 million for the quarter, compared to analysts’ expectations of $468.36 million. During the same period last year, the business posted $1.70 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities research analysts predict that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 5th. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s dividend payout ratio (DPR) is 62.28%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LANC shares. Stephens dropped 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. Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a research report on Friday, November 1st. Loop Capital decreased their target price 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. Finally, StockNews.com cut shares of Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $193.50.

Insider Activity

In related news, Director Elliot K. Fullen bought 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, for a total transaction of $507,000.00. Following the completion of the purchase, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. This trade represents a 130.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 29.50% of the company’s stock.

About Lancaster Colony

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.