Lancaster Colony Corporation (LANC) Posts Quarterly Earnings Results
Lancaster Colony Corporation (NASDAQ:LANC) posted its earnings results on Thursday. The company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by $0.08, Morningstar.com reports. The company had revenue of $289.90 million for the quarter, compared to analysts’ expectations of $295.05 million. Lancaster Colony Corporation had a return on equity of 23.80% and a net margin of 9.82%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.12 EPS.
Lancaster Colony Corporation (NASDAQ:LANC) opened at 124.41 on Thursday. The company has a market cap of $3.41 billion, a PE ratio of 29.07 and a beta of 1.02. Lancaster Colony Corporation has a 12-month low of $117.50 and a 12-month high of $149.30. The stock has a 50 day moving average of $123.51 and a 200 day moving average of $126.93.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.77%. Lancaster Colony Corporation’s payout ratio is currently 51.28%.
Several equities research analysts have issued reports on the company. BidaskClub upgraded Lancaster Colony Corporation from a “strong sell” rating to a “sell” rating in a research report on Monday. Vertical Research upgraded Lancaster Colony Corporation from a “hold” rating to a “buy” rating in a research report on Friday, May 26th. Zacks Investment Research downgraded Lancaster Colony Corporation from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. Wedbush restated an “outperform” rating and set a $160.00 target price on shares of Lancaster Colony Corporation in a research report on Monday, April 24th. Finally, Vertical Group upgraded Lancaster Colony Corporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $123.00 to $146.00 in a research report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $152.00.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in LANC. Citadel Advisors LLC purchased a new position in Lancaster Colony Corporation during the first quarter worth $691,000. Dynamic Technology Lab Private Ltd boosted its position in Lancaster Colony Corporation by 34.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 3,873 shares of the company’s stock worth $499,000 after buying an additional 989 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Lancaster Colony Corporation by 2.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 129,550 shares of the company’s stock worth $16,692,000 after buying an additional 3,234 shares during the period. Teachers Advisors LLC boosted its position in Lancaster Colony Corporation by 0.4% in the first quarter. Teachers Advisors LLC now owns 155,018 shares of the company’s stock worth $19,973,000 after buying an additional 566 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Lancaster Colony Corporation by 3.5% in the first quarter. Ameriprise Financial Inc. now owns 68,026 shares of the company’s stock worth $8,764,000 after buying an additional 2,280 shares during the period. Institutional investors own 49.20% of the company’s stock.
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About Lancaster Colony Corporation
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company’s food products include Salad dressings and sauces, Vegetable dips and fruit dips, Frozen garlic breads, Frozen Parkerhouse style yeast rolls and dinner rolls, Premium dry egg noodles, Frozen specialty noodles, Croutons and salad toppings, Flatbread wraps and pizza crusts, and Caviar.
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