Victory Capital Management Inc. Reduces Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

Victory Capital Management Inc. reduced its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 90.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,186 shares of the company’s stock after selling 37,795 shares during the period. Victory Capital Management Inc.’s holdings in Lancaster Colony were worth $791,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Lancaster Colony by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock worth $453,913,000 after buying an additional 85,658 shares during the period. F M Investments LLC purchased a new stake in Lancaster Colony in the second quarter worth about $7,997,000. Franklin Resources Inc. lifted its holdings in Lancaster Colony by 66.7% in the fourth quarter. Franklin Resources Inc. now owns 57,302 shares of the company’s stock worth $9,534,000 after buying an additional 22,926 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Lancaster Colony during the second quarter valued at approximately $2,735,000. Finally, Trexquant Investment LP purchased a new position in shares of Lancaster Colony during the fourth quarter valued at approximately $1,803,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Lancaster Colony Stock Up 0.4 %

Shares of LANC opened at $181.80 on Friday. The company has a market capitalization of $5.00 billion, a P/E ratio of 37.72 and a beta of 0.35. The firm has a 50 day moving average of $183.90 and a 200 day moving average of $189.72. Lancaster Colony Co. has a twelve month low of $160.01 and a twelve month high of $215.31.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.06). Lancaster Colony had a net margin of 8.47% and a return on equity of 19.61%. The firm had revenue of $452.83 million for the quarter, compared to the consensus estimate of $462.70 million. On average, sell-side analysts expect that Lancaster Colony Co. will post 6.96 EPS for the current year.

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 given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Monday, September 9th. Lancaster Colony’s dividend payout ratio (DPR) is presently 74.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LANC shares. Stephens lowered their target price 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. StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Wednesday. Finally, Loop Capital lowered their target price on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a report on Monday, August 26th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $195.75.

Insiders Place Their Bets

In related news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the transaction, the director now owns 5,298 shares in the company, valued at approximately $895,362. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 29.60% of the stock is currently owned by insiders.

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.