Lancaster Colony Co. (NASDAQ:LANC) Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 13.0% in the third quarter, HoldingsChannel.com reports. The firm owned 11,589 shares of the company’s stock after buying an additional 1,330 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Lancaster Colony were worth $2,046,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of LANC. V Square Quantitative Management LLC purchased a new position in shares of Lancaster Colony during the 3rd quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Lancaster Colony during the 2nd quarter worth about $28,000. GAMMA Investing LLC lifted its stake in Lancaster Colony by 115.9% in the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after buying an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Lancaster Colony in the 2nd quarter worth about $38,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lancaster Colony during the 2nd quarter worth approximately $74,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Stock Down 1.9 %

Shares of LANC opened at $180.75 on Friday. Lancaster Colony Co. has a 52-week low of $161.54 and a 52-week high of $215.31. The stock has a fifty day simple moving average of $180.91 and a two-hundred day simple moving average of $185.06. The company has a market capitalization of $4.98 billion, a PE ratio of 31.27 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share (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 firm had revenue of $466.56 million during the quarter, compared to analysts’ expectations of $468.36 million. During the same period in the prior year, the company posted $1.70 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Lancaster Colony Co. will post 6.72 earnings per share for the current fiscal year.

Lancaster Colony Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 dividend yield of 2.10%. The ex-dividend date is Thursday, December 5th. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is presently 62.28%.

Wall Street Analysts Forecast Growth

LANC has been the topic of several research reports. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research report on Friday, November 1st. Loop Capital lowered their target price 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 dropped their target price on shares of Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Finally, StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Lancaster Colony has an average rating of “Hold” and a consensus target price of $193.50.

Insider Activity at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of Lancaster Colony 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 transaction, the director now directly owns 5,298 shares of the company’s stock, valued at $895,362. This trade represents a 130.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 29.50% of the stock is currently owned by insiders.

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.