Allspring Global Investments Holdings LLC Buys 19,264 Shares of Lancaster Colony Corporation (NASDAQ:LANC)

Allspring Global Investments Holdings LLC increased its stake in Lancaster Colony Corporation (NASDAQ:LANC - Free Report) by 146.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,441 shares of the company's stock after purchasing an additional 19,264 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Lancaster Colony worth $5,677,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Lancaster Colony by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 213,854 shares of the company's stock valued at $37,027,000 after purchasing an additional 9,861 shares during the period. Steward Partners Investment Advisory LLC boosted its position in shares of Lancaster Colony by 4,728.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,352 shares of the company's stock worth $234,000 after buying an additional 1,324 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Lancaster Colony by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company's stock valued at $49,518,000 after purchasing an additional 5,168 shares during the last quarter. Victory Capital Management Inc. boosted its position in Lancaster Colony by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 7,175 shares of the company's stock valued at $1,242,000 after purchasing an additional 2,393 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Lancaster Colony by 1.0% during the fourth quarter. Arizona State Retirement System now owns 5,604 shares of the company's stock valued at $970,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 66.44% of the company's stock.

Lancaster Colony Price Performance

Shares of NASDAQ LANC traded up $0.97 during trading hours on Wednesday, hitting $172.77. 172,225 shares of the company's stock were exchanged, compared to its average volume of 154,061. Lancaster Colony Corporation has a 1-year low of $156.14 and a 1-year high of $202.63. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 28.09 and a beta of 0.47. The company's 50-day moving average price is $167.78 and its 200-day moving average price is $176.16.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.07). Lancaster Colony had a return on equity of 19.30% and a net margin of 8.99%. The business had revenue of $457.84 million for the quarter, compared to analyst estimates of $483.47 million. During the same period in the prior year, the firm posted $1.44 EPS. Lancaster Colony's revenue for the quarter was down 2.9% on a year-over-year basis. On average, research analysts expect that Lancaster Colony Corporation will post 6.8 earnings per share for the current year.

Lancaster Colony Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 6th were paid a dividend of $0.95 per share. The ex-dividend date was Friday, June 6th. This represents a $3.80 annualized dividend and a yield of 2.20%. Lancaster Colony's dividend payout ratio is 61.79%.

Wall Street Analyst Weigh In

LANC has been the subject of a number of analyst reports. Benchmark raised Lancaster Colony from a "hold" rating to a "buy" rating and set a $185.00 price target for the company in a research report on Thursday, May 1st. Wall Street Zen cut Lancaster Colony from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Stephens reduced their price target on Lancaster Colony from $200.00 to $195.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $203.50.

About Lancaster Colony

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.