Wellington Management Group LLP Raises Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Wellington Management Group LLP raised its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 243.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,630 shares of the company’s stock after purchasing an additional 59,261 shares during the quarter. Wellington Management Group LLP’s holdings in Lancaster Colony were worth $14,767,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of Lancaster Colony by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 520,335 shares of the company’s stock worth $98,326,000 after buying an additional 25,072 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Lancaster Colony by 5.5% during the 2nd quarter. Renaissance Technologies LLC now owns 306,080 shares of the company’s stock worth $57,840,000 after acquiring an additional 15,962 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Lancaster Colony by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 241,646 shares of the company’s stock worth $45,664,000 after purchasing an additional 4,327 shares during the last quarter. Blair William & Co. IL increased its holdings in Lancaster Colony by 2,386.6% in the second quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock valued at $32,517,000 after buying an additional 165,155 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its holdings in shares of Lancaster Colony by 4,189.1% in the 3rd quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after acquiring an additional 159,981 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LANC. StockNews.com downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Loop Capital lowered their price target on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Stephens reiterated an “equal weight” rating and issued a $196.00 price target on shares of Lancaster Colony in a research report on Tuesday, November 19th.

Lancaster Colony Trading Up 0.8 %

LANC stock opened at $198.10 on Friday. The firm has a market capitalization of $5.46 billion, a PE ratio of 34.27 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The firm has a 50-day moving average of $184.23 and a two-hundred day moving average of $184.24.

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 the consensus estimate of $1.70 by ($0.08). The business had revenue of $466.56 million during the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.70 earnings per share. On average, equities research analysts anticipate that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 1.92%. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, December 5th. Lancaster Colony’s dividend payout ratio (DPR) is currently 65.74%.

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.