Eaton Vance Management cut its stake in shares of Lancaster Colony Corp. (NASDAQ:LANC) by 44.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,938 shares of the company’s stock after selling 24,833 shares during the quarter. Eaton Vance Management owned 0.11% of Lancaster Colony worth $4,616,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of Lancaster Colony by 1.3% during the third quarter. BlackRock Inc. now owns 2,183,880 shares of the company’s stock worth $325,857,000 after purchasing an additional 27,045 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Lancaster Colony by 0.8% during the second quarter. Renaissance Technologies LLC now owns 738,400 shares of the company’s stock worth $102,209,000 after purchasing an additional 5,900 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Lancaster Colony by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 511,862 shares of the company’s stock worth $76,373,000 after purchasing an additional 1,964 shares during the period. Northern Trust Corp lifted its holdings in shares of Lancaster Colony by 0.7% during the second quarter. Northern Trust Corp now owns 320,879 shares of the company’s stock worth $44,416,000 after purchasing an additional 2,384 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Lancaster Colony by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 273,821 shares of the company’s stock worth $40,857,000 after purchasing an additional 2,965 shares during the period. 53.55% of the stock is owned by hedge funds and other institutional investors.
LANC has been the subject of several recent research reports. BidaskClub raised Lancaster Colony from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. ValuEngine raised Lancaster Colony from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Finally, CL King downgraded Lancaster Colony from a “buy” rating to a “neutral” rating in a report on Friday, August 10th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Lancaster Colony currently has a consensus rating of “Hold” and a consensus target price of $150.00.
Shares of NASDAQ LANC opened at $176.03 on Friday. Lancaster Colony Corp. has a 1-year low of $115.81 and a 1-year high of $189.34. The firm has a market cap of $4.91 billion, a P/E ratio of 37.67 and a beta of 0.54.
Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings data on Thursday, October 25th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.15. The firm had revenue of $316.65 million during the quarter. Lancaster Colony had a return on equity of 20.23% and a net margin of 11.68%.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.65 dividend. This is a boost from Lancaster Colony’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.60 annualized dividend and a yield of 1.48%.
In other Lancaster Colony news, SVP Timothy A. Tate sold 747 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $176.01, for a total value of $131,479.47. Following the completion of the transaction, the senior vice president now owns 1,563 shares in the company, valued at $275,103.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 31.80% of the company’s stock.
Lancaster Colony Company Profile
Lancaster Colony Corporation manufactures and markets specialty food products for the retail and foodservice markets in the United States. The company operates through two segments, Retail and Foodservice. It offers frozen garlic breads under the New York BRAND Bakery brand; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand name; salad dressings under the Marzetti, Simply Dressed, Simply 60, Cardini's, and Girard's brands; and vegetable dips and fruit dips under the Marzetti brand.
Read More: How Buying a Call Option Works
Want to see what other hedge funds are holding LANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lancaster Colony Corp. (NASDAQ:LANC).
Receive News & Ratings for Lancaster Colony Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lancaster Colony and related companies with MarketBeat.com's FREE daily email newsletter.