Shelton Capital Management Buys New Shares in Lancaster Colony Co. (NASDAQ:LANC)

Posted by Defense World Staff on Jun 10th, 2023

Shelton Capital Management purchased a new position in Lancaster Colony Co. (NASDAQ:LANC – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,051 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. James Investment Research Inc. bought a new stake in Lancaster Colony in the 4th quarter valued at about $29,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Lancaster Colony during the fourth quarter valued at approximately $35,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Lancaster Colony during the fourth quarter valued at approximately $59,000. Lazard Asset Management LLC raised its position in shares of Lancaster Colony by 95.5% during the third quarter. Lazard Asset Management LLC now owns 657 shares of the company’s stock worth $98,000 after purchasing an additional 321 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Lancaster Colony in the 3rd quarter worth $111,000. 60.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating in a research note on Tuesday.

Lancaster Colony Stock Down 0.5 %

Shares of NASDAQ:LANC opened at $198.33 on Friday. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 41.67 and a beta of 0.22. The business’s 50 day moving average is $205.59 and its 200 day moving average is $199.84. Lancaster Colony Co. has a 12-month low of $116.85 and a 12-month high of $220.65.

Lancaster Colony (NASDAQ:LANC – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.11). The firm had revenue of $464.94 million during the quarter, compared to analysts’ expectations of $443.08 million. Lancaster Colony had a net margin of 7.21% and a return on equity of 16.13%. The company’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. As a group, equities research analysts expect that Lancaster Colony Co. will post 5 earnings per share for the current year.

Lancaster Colony Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 9th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, June 8th. Lancaster Colony’s dividend payout ratio (DPR) is currently 71.43%.

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.