Lancaster Colony Co. (NASDAQ:LANC – Get Free Report) saw a significant decline in short interest in December. As of December 31st, there was short interest totalling 410,800 shares, a decline of 8.5% from the December 15th total of 448,800 shares. Currently, 2.1% of the company’s stock are sold short. Based on an average daily volume of 135,100 shares, the days-to-cover ratio is currently 3.0 days.
Hedge Funds Weigh In On Lancaster Colony
A number of institutional investors and hedge funds have recently modified their holdings of LANC. SG Americas Securities LLC lifted its stake in Lancaster Colony by 336.2% in the fourth quarter. SG Americas Securities LLC now owns 23,393 shares of the company’s stock worth $4,050,000 after purchasing an additional 18,030 shares during the last quarter. Park Avenue Securities LLC boosted its position in shares of Lancaster Colony by 22.6% in the 4th quarter. Park Avenue Securities LLC now owns 6,278 shares of the company’s stock worth $1,087,000 after purchasing an additional 1,157 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in Lancaster Colony during the 4th quarter worth approximately $38,000. First Hawaiian Bank grew its stake in Lancaster Colony by 15.4% during the 4th quarter. First Hawaiian Bank now owns 3,337 shares of the company’s stock valued at $578,000 after purchasing an additional 445 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Lancaster Colony by 56.4% in the 4th quarter. GAMMA Investing LLC now owns 280 shares of the company’s stock valued at $48,000 after acquiring an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 66.44% of the company’s stock.
Lancaster Colony Stock Up 0.5 %
NASDAQ LANC opened at $171.10 on Monday. Lancaster Colony has a twelve month low of $163.20 and a twelve month high of $215.31. The business has a 50-day moving average price of $180.68 and a 200-day moving average price of $182.08. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 29.60 and a beta of 0.36.
Lancaster Colony Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Thursday, December 5th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.22%. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, December 5th. Lancaster Colony’s dividend payout ratio is currently 65.74%.
Analyst Ratings Changes
A number of research firms have recently weighed in on LANC. Stephens reaffirmed an “equal weight” rating and issued a $196.00 target price on shares of Lancaster Colony in a research report on Tuesday, November 19th. Loop Capital dropped their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th.
Check Out Our Latest Stock Analysis on LANC
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.
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