ProShare Advisors LLC Raises Position in Lancaster Colony Co. (NASDAQ:LANC)

ProShare Advisors LLC raised its stake in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 238,055 shares of the company's stock after acquiring an additional 22,019 shares during the period. ProShare Advisors LLC owned approximately 0.86% of Lancaster Colony worth $41,217,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky purchased a new stake in Lancaster Colony during the 4th quarter valued at approximately $630,000. Allspring Global Investments Holdings LLC raised its stake in Lancaster Colony by 24.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,177 shares of the company's stock valued at $2,281,000 after acquiring an additional 2,559 shares during the last quarter. Bank of New York Mellon Corp raised its stake in 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 acquiring an additional 9,861 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Lancaster Colony by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company's stock valued at $49,518,000 after acquiring an additional 5,168 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new stake in Lancaster Colony during the 4th quarter valued at approximately $318,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. StockNews.com downgraded Lancaster Colony from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. DA Davidson upped their price objective on Lancaster Colony from $192.00 to $207.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Stephens cut their target price on Lancaster Colony from $200.00 to $195.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, Benchmark raised Lancaster Colony from a "hold" rating to a "buy" rating and set a $185.00 target price for the company in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $203.50.

Lancaster Colony Price Performance

Shares of LANC stock traded down $1.20 during trading hours on Wednesday, reaching $166.26. 34,153 shares of the company's stock were exchanged, compared to its average volume of 146,574. The company has a market cap of $4.58 billion, a P/E ratio of 29.15 and a beta of 0.50. The company's 50 day moving average is $176.46 and its two-hundred day moving average is $180.69. Lancaster Colony Co. has a 1 year low of $156.14 and a 1 year high of $202.63.

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

Lancaster Colony Announces Dividend

The business also recently announced 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. This represents a $3.80 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Lancaster Colony's dividend payout ratio (DPR) is presently 61.79%.

Lancaster Colony Profile

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.