Envestnet Portfolio Solutions Inc. reduced its position in shares of Lancaster Colony Corporation (NASDAQ:LANC - Free Report) by 33.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,022 shares of the company's stock after selling 1,516 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Lancaster Colony were worth $529,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in shares of Lancaster Colony in the first quarter worth about $26,000. Farther Finance Advisors LLC raised its stake in shares of Lancaster Colony by 1,078.9% in the fourth quarter. Farther Finance Advisors LLC now owns 448 shares of the company's stock worth $78,000 after acquiring an additional 410 shares during the last quarter. Covestor Ltd grew its position in shares of Lancaster Colony by 48.4% during the 4th quarter. Covestor Ltd now owns 724 shares of the company's stock worth $126,000 after buying an additional 236 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Lancaster Colony during the 4th quarter worth approximately $206,000. Finally, Landing Point Financial Group LLC acquired a new stake in shares of Lancaster Colony during the 4th quarter worth approximately $229,000. 66.44% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research analysts recently issued reports on the stock. Benchmark upgraded shares of Lancaster Colony from a "hold" rating to a "buy" rating and set a $185.00 price objective for the company in a report on Thursday, May 1st. Stephens decreased their price objective on shares of Lancaster Colony from $200.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen cut shares of Lancaster Colony from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $203.50.
Check Out Our Latest Stock Analysis on Lancaster Colony
Lancaster Colony Stock Up 1.6%
LANC stock opened at $171.88 on Friday. Lancaster Colony Corporation has a 12 month low of $156.14 and a 12 month high of $202.63. The firm has a market cap of $4.74 billion, a P/E ratio of 27.95 and a beta of 0.47. The company's 50-day moving average price is $170.66 and its two-hundred day moving average price is $177.19.
Lancaster Colony (NASDAQ:LANC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $1.54 EPS for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). The company had revenue of $457.84 million during the quarter, compared to the consensus estimate of $483.47 million. Lancaster Colony had a return on equity of 19.30% and a net margin of 8.99%. The firm's revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company posted $1.44 EPS. Equities analysts predict that Lancaster Colony Corporation will post 6.8 EPS for the current year.
Lancaster Colony Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.95 per share. The ex-dividend date is Friday, June 6th. This represents a $3.80 annualized dividend and a yield of 2.21%. Lancaster Colony's payout ratio is 61.79%.
Lancaster Colony Profile
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Free Report)
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.
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