Lancaster Colony Co. (NASDAQ:LANC) Sees Significant Decline in Short Interest

Lancaster Colony Co. (NASDAQ:LANC) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 691,900 shares, a decline of 17.0% from the August 15th total of 833,900 shares. Based on an average trading volume of 135,500 shares, the days-to-cover ratio is currently 5.1 days. Approximately 3.6% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, Director Elliot K. Fullen purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 29.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lancaster Colony

Several hedge funds have recently bought and sold shares of LANC. SG Americas Securities LLC purchased a new stake in Lancaster Colony during the second quarter worth about $1,528,000. Capstone Investment Advisors LLC purchased a new stake in Lancaster Colony during the 1st quarter worth approximately $864,000. Susquehanna Fundamental Investments LLC acquired a new stake in Lancaster Colony during the 1st quarter worth approximately $868,000. Foguth Wealth Management LLC. purchased a new position in Lancaster Colony in the 1st quarter valued at approximately $862,000. Finally, Leeward Investments LLC MA boosted its position in Lancaster Colony by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 51,981 shares of the company’s stock valued at $9,823,000 after buying an additional 2,771 shares during the period. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Price Performance

Shares of LANC stock opened at $179.63 on Monday. Lancaster Colony has a 1-year low of $160.01 and a 1-year high of $215.31. The firm has a market cap of $4.95 billion, a PE ratio of 37.27 and a beta of 0.35. The company has a 50-day moving average of $184.37 and a two-hundred day moving average of $190.52.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.06). Lancaster Colony had a return on equity of 19.61% and a net margin of 8.47%. The company had revenue of $452.83 million for the quarter, compared to analysts’ expectations of $462.70 million. Sell-side analysts anticipate that Lancaster Colony will post 6.96 EPS for the current fiscal year.

Lancaster Colony Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.00%. Lancaster Colony’s payout ratio is presently 74.69%.

Analyst Ratings Changes

Several research analysts have recently weighed in on LANC shares. Stephens lowered their price target on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. Loop Capital decreased their target price on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a report on Monday, August 26th. StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Friday, September 6th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $195.75.

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.