Empowered Funds LLC Invests $2.24 Million in Lancaster Colony Co. (NASDAQ:LANC)

Empowered Funds LLC bought a new position in shares of Lancaster Colony Co. (NASDAQ:LANC) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 12,707 shares of the company’s stock, valued at approximately $2,244,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Blair William & Co. IL boosted its holdings in Lancaster Colony by 2,386.6% in the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock worth $32,517,000 after acquiring an additional 165,155 shares during the period. Wesbanco Bank Inc. boosted its stake in shares of Lancaster Colony by 4,189.1% in the third quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after purchasing an additional 159,981 shares during the period. Vanguard Group Inc. grew its holdings in Lancaster Colony by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock valued at $453,913,000 after purchasing an additional 85,658 shares in the last quarter. F M Investments LLC purchased a new stake in Lancaster Colony during the 2nd quarter worth $7,997,000. Finally, Millennium Management LLC lifted its holdings in Lancaster Colony by 1,055.2% in the 2nd quarter. Millennium Management LLC now owns 36,090 shares of the company’s stock worth $6,820,000 after buying an additional 32,966 shares in the last quarter. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Trading Down 0.1 %

Shares of LANC opened at $179.50 on Thursday. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 31.06 and a beta of 0.35. Lancaster Colony Co. has a 52 week low of $161.54 and a 52 week high of $215.31. The stock has a 50 day moving average of $181.11 and a 200-day moving average of $184.73.

Lancaster Colony (NASDAQ:LANC) last issued its earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The business had revenue of $466.56 million for the quarter, compared to analyst estimates of $468.36 million. During the same period last year, the company posted $1.70 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that Lancaster Colony Co. will post 6.72 earnings per share for the current fiscal year.

Lancaster Colony Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th will be paid a $0.95 dividend. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Thursday, December 5th. Lancaster Colony’s payout ratio is presently 65.74%.

Insider Transactions at Lancaster Colony

In other news, Director Elliot K. Fullen purchased 3,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were bought at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the purchase, the director now owns 5,298 shares of the company’s stock, valued at $895,362. This trade represents a 130.55 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 29.50% of the company’s stock.

Wall Street Analyst Weigh In

LANC has been the topic of a number of analyst reports. Stephens reaffirmed an “equal weight” rating and set a $196.00 target price on shares of Lancaster Colony in a research report on Tuesday. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Loop Capital reduced their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Tuesday. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $193.50.

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.