Lazard Asset Management LLC Raises Stake in Lancaster Colony Co. (NASDAQ:LANC)

Posted by on Mar 6th, 2023

Lazard Asset Management LLC boosted its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC – Get Rating) by 95.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 657 shares of the company’s stock after buying an additional 321 shares during the quarter. Lazard Asset Management LLC’s holdings in Lancaster Colony were worth $98,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. London Co. of Virginia boosted its stake in shares of Lancaster Colony by 223.7% in the second quarter. London Co. of Virginia now owns 406,977 shares of the company’s stock worth $52,411,000 after buying an additional 281,260 shares during the last quarter. State Street Corp boosted its position in Lancaster Colony by 16.7% in the 1st quarter. State Street Corp now owns 1,830,550 shares of the company’s stock worth $273,027,000 after purchasing an additional 261,387 shares in the last quarter. WCM Investment Management LLC acquired a new stake in shares of Lancaster Colony during the 2nd quarter worth approximately $12,337,000. Grantham Mayo Van Otterloo & Co. LLC purchased a new position in shares of Lancaster Colony during the 3rd quarter valued at approximately $6,944,000. Finally, ProShare Advisors LLC lifted its stake in shares of Lancaster Colony by 12.7% in the 3rd quarter. ProShare Advisors LLC now owns 251,379 shares of the company’s stock valued at $37,778,000 after purchasing an additional 28,247 shares during the period. 60.69% of the stock is currently owned by institutional investors and hedge funds.

Lancaster Colony Stock Performance

LANC stock opened at $190.08 on Monday. Lancaster Colony Co. has a one year low of $116.85 and a one year high of $214.00. The firm’s fifty day moving average is $194.19 and its 200 day moving average is $185.24. The firm has a market cap of $5.24 billion, a PE ratio of 51.37 and a beta of 0.20.

Lancaster Colony (NASDAQ:LANC – Get Rating) last posted its earnings results on Thursday, February 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by ($0.06). The firm had revenue of $477.40 million for the quarter, compared to analysts’ expectations of $474.98 million. Lancaster Colony had a return on equity of 14.99% and a net margin of 5.81%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. Research analysts predict that Lancaster Colony Co. will post 5.53 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Thursday, March 9th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Wednesday, March 8th. Lancaster Colony’s payout ratio is 91.89%.

Insider Activity

In related news, insider Kristin Bird sold 1,535 shares of the business’s stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $198.73, for a total value of $305,050.55. Following the completion of the sale, the insider now owns 3,194 shares of the company’s stock, valued at approximately $634,743.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 29.90% of the company’s stock.

About Lancaster Colony

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Lancaster Colony Corp. engages in the manufacture and sale of specialty food products. It operates through the following segments: Retail and Foodservice. The Retail and Foodservice segments both focus on the manufacture and sale of frozen breads, refrigerated dressings, dips and shelf-stable dressings, and croutons under the brand names New York BRAND Bakery, Sister Schubert’s, Marzetti Frozen Pasta, and Flatout.

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Institutional Ownership by Quarter for Lancaster Colony (NASDAQ:LANC)

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