Renaissance Technologies LLC Increases Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Renaissance Technologies LLC increased its stake in Lancaster Colony Co. (NASDAQ:LANC) by 5.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 306,080 shares of the company’s stock after acquiring an additional 15,962 shares during the quarter. Renaissance Technologies LLC owned approximately 1.11% of Lancaster Colony worth $57,840,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Lancaster Colony during the second quarter worth about $28,000. GAMMA Investing LLC increased its stake in Lancaster Colony by 115.9% during the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock worth $33,000 after buying an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Lancaster Colony during the second quarter valued at approximately $38,000. Brown Brothers Harriman & Co. purchased a new position in shares of Lancaster Colony in the fourth quarter valued at approximately $67,000. Finally, Clarity Asset Management Inc. acquired a new stake in shares of Lancaster Colony in the fourth quarter worth approximately $70,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lancaster Colony

In related news, Director Elliot K. Fullen purchased 3,000 shares of Lancaster Colony stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average cost of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now 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 at the SEC website. 29.60% of the stock is currently owned by corporate insiders.

Lancaster Colony Trading Up 0.2 %

Lancaster Colony stock opened at $179.58 on Wednesday. The company has a 50-day moving average price of $184.15 and a 200 day moving average price of $190.14. Lancaster Colony Co. has a 12-month low of $160.01 and a 12-month high of $215.31. The stock has a market cap of $4.94 billion, a P/E ratio of 37.26 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $1.35 earnings per share (EPS) 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 firm had revenue of $452.83 million for the quarter, compared to analyst estimates of $462.70 million. As a group, analysts forecast that Lancaster Colony Co. will post 6.96 EPS for the current year.

Lancaster Colony Announces Dividend

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

Wall Street Analysts Forecast Growth

LANC has been the topic of a number of research reports. Benchmark restated a “hold” rating on shares of Lancaster Colony in a report on Friday, September 6th. Loop Capital decreased their price target on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Stephens dropped 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 research note on Friday, August 23rd. Finally, StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.