Northern Trust Corp Buys 28,965 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Northern Trust Corp raised its position in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,133 shares of the company's stock after purchasing an additional 28,965 shares during the period. Northern Trust Corp owned approximately 1.05% of Lancaster Colony worth $50,234,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Coldstream Capital Management Inc. increased its holdings in shares of Lancaster Colony by 5.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,609 shares of the company's stock worth $279,000 after buying an additional 77 shares during the period. Nebula Research & Development LLC purchased a new position in shares of Lancaster Colony in the fourth quarter worth about $1,461,000. Voya Investment Management LLC increased its holdings in shares of Lancaster Colony by 145.2% in the fourth quarter. Voya Investment Management LLC now owns 25,430 shares of the company's stock worth $4,403,000 after buying an additional 15,057 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Lancaster Colony by 16.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 24,593 shares of the company's stock worth $4,258,000 after buying an additional 3,470 shares during the period. Finally, MGO One Seven LLC increased its holdings in shares of Lancaster Colony by 37.5% in the fourth quarter. MGO One Seven LLC now owns 2,116 shares of the company's stock worth $366,000 after buying an additional 577 shares during the period. Hedge funds and other institutional investors own 66.44% of the company's stock.

Lancaster Colony Price Performance

NASDAQ:LANC traded down $2.29 during mid-day trading on Tuesday, reaching $168.03. 50,105 shares of the company's stock traded hands, compared to its average volume of 145,212. Lancaster Colony Co. has a 12-month low of $156.14 and a 12-month high of $202.63. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 29.53 and a beta of 0.50. The company has a 50 day moving average price of $178.66 and a 200-day moving average price of $181.24.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. The business had revenue of $457.84 million for the quarter, compared to analysts' expectations of $483.47 million. During the same quarter in the prior year, the firm earned $1.44 EPS. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. As a group, analysts forecast that Lancaster Colony Co. will post 6.8 EPS for the current year.

Lancaster Colony Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 7th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $3.80 annualized dividend and a yield of 2.26%. Lancaster Colony's payout ratio is 61.79%.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, CEO David Alan Ciesinski sold 17,000 shares of Lancaster Colony stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,250,230.00. Following the sale, the chief executive officer now directly owns 54,644 shares of the company's stock, valued at approximately $10,447,386.36. The trade was a 23.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 29.50% of the company's stock.

Wall Street Analysts Forecast Growth

LANC has been the topic of several analyst reports. DA Davidson lifted their price objective on Lancaster Colony from $192.00 to $207.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Stephens decreased their price objective on Lancaster Colony from $200.00 to $195.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Benchmark upgraded Lancaster Colony from a "hold" rating to a "buy" rating and set a $185.00 price target on the stock in a report on Thursday, May 1st. Finally, StockNews.com downgraded Lancaster Colony from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Lancaster Colony presently has an average rating of "Hold" and an average 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.