Van ECK Associates Corp Raises Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Van ECK Associates Corp raised its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 20.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,211 shares of the company’s stock after purchasing an additional 1,568 shares during the period. Van ECK Associates Corp’s holdings in Lancaster Colony were worth $1,741,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new position in shares of Lancaster Colony in the 2nd quarter worth about $28,000. GAMMA Investing LLC increased its stake in shares of Lancaster Colony by 115.9% during the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Lancaster Colony during the second quarter valued at approximately $38,000. Brown Brothers Harriman & Co. bought a new stake in shares of Lancaster Colony in the 4th quarter worth approximately $67,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of Lancaster Colony in the 4th quarter worth approximately $70,000. Institutional investors own 66.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a research note on Friday. Loop Capital reduced their price objective on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Stephens decreased their price objective on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $195.75.

Insider Activity

In other news, Director Elliot K. Fullen acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the acquisition, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 29.60% of the company’s stock.

Lancaster Colony Stock Up 0.0 %

LANC opened at $177.59 on Friday. The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of 36.76 and a beta of 0.37. The firm has a 50 day moving average price of $185.89 and a 200-day moving average price of $191.47. Lancaster Colony Co. has a twelve month low of $158.88 and a twelve month high of $215.31.

Lancaster Colony Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.60 dividend on an annualized basis and a yield of 2.03%. Lancaster Colony’s dividend payout ratio is presently 74.69%.

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.